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.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
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, ASERS Publishing, 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)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Cowan,Robin & David,Paul & Foray,Dominique, 1999.
"The Explicit Economics of Knowledge Codification and Tacitness,"
025, Maastricht : MERIT, Maastricht Economic Research Institute on Innovation and Technology.
- 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.
- Robin Cowan & Paul A. David & Dominique Foray, 1999. "The Explicit Economics of Knowledge Codification and Tacitness," Working Papers 99027, Stanford University, Department of Economics.
- Smith, Keith, 2002. "What is the 'Knowledge Economy'? Knowledge Intensity and Distributed Knowledge Bases," Discussion Papers 06, United Nations University, Institute for New Technologies.
- Daniele Schilirò, 2007.
"Knowledge, Learning, Networks and Performance of Firms in Knowledge-Based Economies,"
CRANEC - Working Papers del Centro di Ricerche in Analisi economica e sviluppo economico internazionale
crn0702, Università Cattolica del Sacro Cuore, Centro di Ricerche in Analisi economica e sviluppo economico internazionale (CRANEC).
- Schilirò, Daniele, 2008. "Knowledge, learning, networks and performance of firms in knowledge-based economies," MPRA Paper 30901, University Library of Munich, Germany.
- Dominique Foray, 2006. "The Economics of Knowledge," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262562235, June.
- Paul A. David & Dominique Foray, .
"Economic Fundamentals of the Knowledge Society,"
02003, Stanford University, Department of Economics.
- Schilirò, Daniele, 2005.
"Economia della conoscenza,istituzioni e sviluppo economico
[Knowledge-based economy, institutions and economic development]," MPRA Paper 31492, University Library of Munich, Germany.
- Partha, Dasgupta & David, Paul A., 1994. "Toward a new economics of science," Research Policy, Elsevier, vol. 23(5), pages 487-521, September.
- David, Paul A., 1994. "Why are institutions the 'carriers of history'?: Path dependence and the evolution of conventions, organizations and institutions," Structural Change and Economic Dynamics, Elsevier, vol. 5(2), pages 205-220, December.
- Schilirò, Daniele, 2003.
"Dibattito sulla globalizzazione. Un commento
[Debate on globalization. A comment]," MPRA Paper 34943, University Library of Munich, Germany.
- Schilirò, Daniele, 2011.
"Le banche popolari cooperative
[The popular co-operative banks]," MPRA Paper 44213, University Library of Munich, Germany.
- Schilirò, Daniele, 2013. "Diversification and development of the UAE’s economy," MPRA Paper 47089, University Library of Munich, Germany.
- Schilirò, Daniele, 2012. "Italian medium-sized enterprises and the fourth capitalism," MPRA Paper 41399, University Library of Munich, Germany.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Ekkehart Schlicht).
If references are entirely missing, you can add them using this form.