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The knowledge revolution

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  • GRACIELA CHICHILNISKY

Abstract

We are on the threshold of a truly revolutionary era of discovery - ranging from the origins of the universe to new states of matter and microscopic machines, from a new understanding of the oceans and of the biological connections across the Earth's species to the functioning of the human brain and the origins of consciousness. This `golden age' of discovery, with frequent breakthroughs occurring virtually in every field, is inducing far-reaching social changes. We are undergoing a social and economic revolution which matches the impact of the agricultural and industrial revolutions. This is a `knowledge revolution' driven by knowledge and by the technologies for processing and communicating it. Knowledge is an intangible public good. It is privately produced, and it is replacing land and machines as the primary factor of production prevailing in the agricultural and industrial revolutions. This alters the terms of the debate between capitalism and socialism, and leads to a human-centred society with different types of markets, corporate structure and financial structures. Property rights on knowledge are key. Human capital is the engine of development. Markets require more egalitarian distribution of wealth for efficient functioning. The golden age of industrial society, with its voracious and unequal use of the Earth's resources, is reaching its logical limits. A new pattern of economic growth, knowledge-intensive growth, replaces the resource-intensive patterns that prevailed since World War II. This leads to a vision of society that is very innovative in the use of knowledge and very conservative in the use of the earth's resources, a new society centred on diversity and human capital and offering the prospect of substantial economic progress without damaging the ecosystems that support life on earth.

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File URL: http://hdl.handle.net/10.1111/j.1468-0041.1997.tb00182.x
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Bibliographic Info

Article provided by Institute for Public Policy Research in its journal New Economy.

Volume (Year): 4 (1997)
Issue (Month): 2 (06)
Pages: 107-111

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Handle: RePEc:bla:neweco:v:4:y:1997:i:2:p:107-111

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References

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  1. Chichilnisky, Graciela, 1994. "North-South Trade and the Global Environment," American Economic Review, American Economic Association, American Economic Association, vol. 84(4), pages 851-74, September.
  2. Chichilnisky, G, 1996. "A Unified perspective on Resource Allocation : Limited Arbitrage is Necessary and Sufficient for the Existence of a Competitive Equilibrium, the Core and Social Choice," Discussion Papers, Columbia University, Department of Economics 1996_29, Columbia University, Department of Economics.
  3. Chichilnisky, Graciela, 1995. "The economic value of the Earth's resources," MPRA Paper 8491, University Library of Munich, Germany.
  4. Chichilnisky, Graciela, 1996. "Trade regimes and GATT: resource-intensive vs. knowledge intensive growth," MPRA Paper 8493, University Library of Munich, Germany.
  5. Chichilnisky, Graciela, 1986. "A general equilibrium theory of North-South trade," MPRA Paper 8810, University Library of Munich, Germany.
  6. Chichilnisky, Graciela, 1977. "Development patterns and the international order," MPRA Paper 7991, University Library of Munich, Germany.
  7. Chichilnisky, G., 1993. "North-South Trade and the Dynamics of Renewable Resources," Papers, Columbia - Graduate School of Business 93-15, Columbia - Graduate School of Business.
  8. repec:fth:coluec:9596-15 is not listed on IDEAS
  9. Chichilnisky, G., 1993. "Intersecting Families of Sets and the Topology of Cones in Economics," Papers, Columbia - Graduate School of Business 93-17, Columbia - Graduate School of Business.
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As found on the RePEc Biblio, the curated bibliography for Economics:
  1. > Schools of Economic Thought, Epistemology of Economics > Heterodox Approaches > Thermoeconomics > The economy system and entropy minimization
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Cited by:
  1. Godwin C. Nwaobi, 2001. "The New Globalization Era And Digitalization Debate: An Economists Perspective," International Trade, EconWPA 0112001, EconWPA.
  2. Chichilnisky, Graciela & Gallopin, G., 2000. "The environmental impact of globalization on Latin America: a prospective approach," MPRA Paper 8440, University Library of Munich, Germany.
  3. Argandoña, Antonio, 2002. "Ethical challenges of the new economy: An agenda of issues," IESE Research Papers, IESE Business School D/463, IESE Business School.
  4. Ehrlich, Paul R. & Wolff, Gary & Daily, Gretchen C. & Hughes, Jennifer B. & Daily, Scott & Dalton, Michael & Goulder, Lawrence, 1999. "Knowledge and the environment," Ecological Economics, Elsevier, Elsevier, vol. 30(2), pages 267-284, August.

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