Knowledge-based economies and the institutional environment
AbstractModern economies are increasingly based on knowledge and, more generally, on the intangible assets that favour 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 industrialised 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, the 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 InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 37138.
Date of creation: Nov 2010
Date of revision:
knowledge-based economy; institutional environment; institutions; innovation; learning; development;
Other versions of this item:
- Daniele SCHILIRÒ, 2012. "Knowledge-Based Economies And The Institutional Environment," Theoretical and Practical Research in Economic Fields, Association for Sustainable Education, Research and Science, vol. 0(1), pages 42-50, June.
- O38 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights - - - Government Policy
- O30 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights - - - General
- D02 - Microeconomics - - General - - - Institutions: Design, Formation, and Operations
- D20 - Microeconomics - - Production and Organizations - - - General
- O32 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights - - - Management of Technological Innovation and R&D
- D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search, Learning, and Information
This paper has been announced in the following NEP Reports:
- NEP-ALL-2012-03-14 (All new papers)
- NEP-CSE-2012-03-14 (Economics of Strategic Management)
- NEP-INO-2012-03-14 (Innovation)
- NEP-KNM-2012-03-14 (Knowledge Management & Knowledge Economy)
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