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"[South Korea has attained spectacular economic success in recent decades. It has reached the status of a Newly Advanced Economy, with challenges increasingly mirroring those faced by other advanced economies. These include the necessary upgrading of the labor force, the frictions of switching to a national system of innovation adapted to leadership in R&D, market-based economic policies that reflect the government’s difficulties in foreseeing future technological developments, and the consequences of social change for the innovation system and policy-making. In the forthcoming book the parallel challenges for innovation and technology for the Republic of Korea and other advanced economies will be analyzed more thoroughly with an international perspective in mind. This comparison and international benchmarking will allow policy makers and scholars to better appreciate how much the country has already moved into the circle of globally leading economies and what can be done to consolidate and strengthen its position., South Korea has attained spectacular economic success in recent decades. It has reached the status of a Newly Advanced Economy, with challenges increasingly mirroring those faced by other advanced economies. These include the necessary upgrading of the labor force, the frictions of switching to a national system of innovation adapted to leadership in R&D, market-based economic policies that reflect the government’s difficulties in foreseeing future technological developments, and the consequences of social change for the innovation system and policy-making. In the forthcoming book the parallel challenges for innovation and technology for the Republic of Korea and other advanced economies will be analyzed more thoroughly with an international perspective in mind. This comparison and international benchmarking will allow policy makers and scholars to better appreciate how much the country has already moved into the circle of globally leading economies and what can be done to consolidate and strengthen its position.]"

"The sequencing of the human genome opened a new world of biomarkers. Is it possible to tell by a person's genetic signature how they would respond to a particular drug? his is the dream of "personalized medicine". At the moment as many as half of all drugs do not work for the people who take them. Such pharmacogenomics could also reduce the size and cost of clinical tests by allowing pharma firms to select the most suitable patients. But the reality is rather different. The difficulty lies in proving that they reliably correlete with clinical outcome. Companies that had placed their faith in genomics are now caught in a dilemma: to produce information only or new drugs. As the cost of gene sequencing has fallen, firms have rushed to offer genetic tests directly to consumers, often raising grand expectations. There now seems to be a backlash. Doctors have complained about being bypassed. Most generic tests directly do not provide conclusive evidence of this risk of disease Some academics also remain deeply skeptical about genomics being used in medicine. In addition , personalised medicine would be economic folly for firms who would need to develop a special pill for every patient. Traditionally firms sold conventional one - size - all drugs. Perhaps a better way would be mass customization."

"Variable Rate Technology (VRT) offers an opportunity to improve production efficiency by allowing input applications to fluctuate in response to spatial variations in soil characteristics and nutrient levels. Society may also benefit from reduced negative externalities, such as surface and groundwater contamination, from input applications. Using a dynamic spatial model, this study examines how the interaction among variability, spatial autocorrelation, and mean level of soil fertility affects optimal sampling density and the economic gains from VRT. VRT was found to be profitable under selected conditions, and the optimal grid size will vary with these conditions. In the case where variability and mean fertility levels are significantly high associated with low spatial autocorrelation, VRT produces greater net returns than Uniform Rate Technology (URT), even with the smallest grid size to base the input application decisions. Results also demonstrate that optimal grid size increases with increased spatial autocorrelation."