Knowledge-Based Economies And The Institutional Environment
AbstractModern economies are increasingly based on knowledge and, more generally, on the intangible assets that favor the economic development. Knowledge-based economies are founded on increasing specialization, research, innovation and learning. The change towards a knowledge-based economy is happening on a global scale, a transformation is taking place in all advanced industrialized economies and many developing economies are also aspiring to reach this target. Knowledge-based economies require some critical requisites to become real and efficient economies. These are the four pillars: education and training, innovation, information infrastructure, institutional regime. This contribution will focus mainly on one of those pillars: the institutional environment. Thus, after examining the definition and the characteristics of a knowledge-based economy, it focuses on the relationship between knowledge-based economies and the role of institutions. Institutions and the institutional environment play a key role in the development of a knowledge economy, so they do matter. The paper argues that various institutional changes must be introduced and these institutional changes that need to be made will involve the public and private sector, as it has been in the case of the Finland’s economy. In addition, because of the difficulties for the institutions to build and establish itself over time, it is necessary a certain degree of flexibility in the institutional regime and, hence, the ability to respond to uncertainties.
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Bibliographic InfoArticle provided by ASERS Publishing in its journal Theoretical and Practical Research in Economic Fields.
Volume (Year): III (2012)
Issue (Month): 1 (June)
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Web page: http://www.asers.eu/journals/tpref.html
knowledge-based economy; institutional environment; institutions; innovation; development.;
Other versions of this item:
- Schilirò, Daniele, 2010. "Knowledge-based economies and the institutional environment," MPRA Paper 37138, University Library of Munich, Germany.
- O30 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights - - - General
- O32 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights - - - Management of Technological Innovation and R&D
- D02 - Microeconomics - - General - - - Institutions: Design, Formation, and Operations
- D20 - Microeconomics - - Production and Organizations - - - General
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