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Knowledge Rich Industries and Balanced Growth for Transitional Economies

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  • P. Luksha

    (Socio-economic Issues, Research Committee on Sociocybernetics, European Association of Evolutionary Po¬litical Economy)

Abstract

In this paper, economic development through knowledge-rich proc¬essing industries as a potential dominating path for countries in transi¬tion is examined. It is particularly important that all countries in transi¬tion are richly endowed with intellectual resources which is shown to be a factor (a) critical for transition, (b) receiving a growing value-added compensation, and (c) giving potential for intellectual rent. A twoindustry dynamic model considering intellectual resources demonstrates that there exists optimal distribution of investment allowing to maximize national income, that is, a way for balanced growth in knowledge-rich economy. Government can support this process through re-direction of investment flows to achieve optimal investment distribution and invest¬ment into institutional capital. For successful growth through know¬ledge-rich industries, R&D sector should also be enhanced to become market-oriented.

Suggested Citation

  • P. Luksha, 2003. "Knowledge Rich Industries and Balanced Growth for Transitional Economies," Higher School of Economics Economic Journal Экономический журнал Высшей школы экономики, CyberLeninka;Федеральное государственное автономное образовательное учреждение высшего образования «Национальный исследовательский университет «Высшая школа экономики», vol. 7(4), pages 471-495.
    • Handle: RePEc:scn:025886:16537817
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