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Investing in Knowledge: Knowledge, Human Capital and Institutions for the Long Run Growth

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  • Daniele Schilirò

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Abstract

The essay aims at arguing that investing in knowledge is one of the main cause of the deep transformations in the structure of modern economies and also a strategic engine for the long run growth. In the recent years a clear long-standing trend in the OECD area have emerged, which is reflected in the expansion of knowledge-related investments and activities, thus transforming the industrial economies into knowledge-based economies. This paper, which is sympathetic with a Schumpeterian view that looks at the modern economic growth as a knowledge-driven process, shows that long run growth is a complex process that cannot be explained by one factor alone. Whereas in the Schumpeterian economy technological progress is the driver of economic growth, so goods are produced under conditions of substantial increasing returns to scale, and innovation becomes the principle source of wealth, in this work the former view is enriched with the idea that institutions have an important role to play in the creation and diffusion of new knowledge and in the process of growth, even if it is difficult to establish ex ante the nature of these relations. The topics of the paper concern scientific and technological knowledge and its relationship with human capital, the issue of open science and the necessary setting of appropriate institutions for knowledge creation. Moreover, an examination of OECD data related to investment in knowledge in OECD countries, with particular attention to human capital, is carried out to evaluate their economic performances. In such a context, the need of a long term growth policy for the EU economies consistent with the Lisbon Agenda is set forth; therefore the paper tries to suggest some proposals for a long term growth policy of the EU economies in this direction. Finally, conclusions end up the paper.

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Bibliographic Info

Paper provided by Università Cattolica del Sacro Cuore, Centro di Ricerche in Analisi economica e sviluppo economico internazionale (CRANEC) in its series CRANEC - Working Papers del Centro di Ricerche in Analisi economica e sviluppo economico internazionale with number crn0804.

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Date of creation: 2008
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Handle: RePEc:crn:wpaper:crn0804

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Related research

Keywords: economic growth; knowledge-based economy; human capital; institution;

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References

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  1. Dani Rodrik, 1998. "Symposium on Globalization in Perspective: An Introduction," Journal of Economic Perspectives, American Economic Association, vol. 12(4), pages 3-8, Fall.
  2. Richard R. Nelson, 1995. "Recent Evolutionary Theorizing about Economic Change," Journal of Economic Literature, American Economic Association, vol. 33(1), pages 48-90, March.
  3. Paul A. David & Dominique Foray, . "Economic Fundamentals of the Knowledge Society," Working Papers 02003, Stanford University, Department of Economics.
  4. Daniele Schilirò, 2005. "Economia della Conoscenza, Dinamica Strutturale e Ruolo delle Istituzioni," CRANEC - Working Papers del Centro di Ricerche in Analisi economica e sviluppo economico internazionale crn0502, Università Cattolica del Sacro Cuore, Centro di Ricerche in Analisi economica e sviluppo economico internazionale (CRANEC).
  5. Cowan, Robin & David, Paul A & Foray, Dominique, 2000. "The Explicit Economics of Knowledge Codification and Tacitness," Industrial and Corporate Change, Oxford University Press, vol. 9(2), pages 211-53, June.
  6. Smith, Keith, 2002. "What is the 'Knowledge Economy'? Knowledge Intensity and Distributed Knowledge Bases," UNU-INTECH Discussion Paper Series 06, United Nations University - INTECH.
  7. Dominique Foray, 2006. "The Economics of Knowledge," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262562235, January.
  8. Cowan,Robin & David,Paul & Foray,Dominique, 1999. "The Explicit Economics of Knowledge Codification and Tacitness," Research Memorandum 025, Maastricht University, Maastricht Economic Research Institute on Innovation and Technology (MERIT).
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Citations

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Cited by:
  1. Carfì, David & Schilirò, Daniele, 2012. "Global green economy and environmental sustainability: a coopetitive model," MPRA Paper 37018, University Library of Munich, Germany.
  2. Schilirò, Daniele, 2011. "Performance e profili delle imprese multinazionali del quarto capitalismo
    [Performance and profiles of the multinational firms of fourth capitalism]
    ," MPRA Paper 30894, University Library of Munich, Germany.
  3. Carfì, D. & Magaudda, M. & Schilirò, D., 2010. "Coopetitive game solutions for the eurozone economy," MPRA Paper 26541, University Library of Munich, Germany.
  4. Schilirò, Daniele, 2012. "The crisis of euro’s governance: institutional aspects and policy issues," MPRA Paper 40861, University Library of Munich, Germany.
  5. Schilirò, Daniele, 2011. "Innovation and performance of Italian multinational enterprises of the “fourth capitalism”," MPRA Paper 34916, University Library of Munich, Germany.
  6. Schilirò, Daniele & Carfì, David, 2013. "Coopetitive game solutions for the Greek crisis," MPRA Paper 43578, University Library of Munich, Germany.
  7. David Carf\'i & Daniele Schilir\'o, 2011. "A model of coopetitive game and the Greek crisis," Papers 1106.3543, arXiv.org, revised Sep 2011.
  8. Carfì, David & Schilirò, Daniele, 2011. "Coopetitive games and global green economy," MPRA Paper 32035, University Library of Munich, Germany.
  9. Carfì, David & Schilirò, Daniele, 2011. "A coopetitive model for the green economy," MPRA Paper 35245, University Library of Munich, Germany.
  10. Carfì, David & Trunfio, Alessandra, 2011. "A non-linear coopetitive game for global green economy," MPRA Paper 32036, University Library of Munich, Germany.
  11. Schilirò, Daniele, 2012. "A new governance for EMU and the economic policy framework," MPRA Paper 47454, University Library of Munich, Germany.
  12. Carfì, David & Patané, Giusy & Pellegrino, Samantha, 2011. "Coopetitive games and sustainability in project financing," MPRA Paper 32039, University Library of Munich, Germany.

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