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The knowledge revolution

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  • Chichilnisky, Graciela

Abstract

We are on the threshold of a truly revolutionary era of discovery - ranging from the origins of the universe to new states of matter and microscopic machines, from a new understanding of the oceans and of the biological connections across the Earth's species to the functioning of the human brain and the origins of consciousness. This `golden age' of discovery, with frequent breakthroughs occurring virtually in every field, is inducing far-reaching social changes. We are undergoing a social and economic revolution which matches the impact of the agricultural and industrial revolutions. This is a `knowledge revolution' driven by knowledge and by the technologies for processing and communicating it. Knowledge is an intangible public good. It is privately produced, and it is replacing land and machines as the primary factor of production prevailing in the agricultural and industrial revolutions. This alters the terms of the debate between capitalism and socialism, and leads to a human-centred society with different types of markets, corporate structure and financial structures. Property rights on knowledge are key. Human capital is the engine of development. Markets require more egalitarian distribution of wealth for efficient functioning. The golden age of industrial society, with its voracious and unequal use of the Earth's resources, is reaching its logical limits. A new pattern of economic growth, knowledge-intensive growth, replaces the resource-intensive patterns that prevailed since World War II. This leads to a vision of society that is very innovative in the use of knowledge and very conservative in the use of the earth's resources, a new society centred on diversity and human capital and offering the prospect of substantial economic progress without damaging the ecosystems that support life on earth.

Suggested Citation

  • Chichilnisky, Graciela, 1998. "The knowledge revolution," MPRA Paper 8891, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:8891
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    References listed on IDEAS

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    1. Chichilnisky, Graciela, 1994. "North-South Trade and the Global Environment," American Economic Review, American Economic Association, vol. 84(4), pages 851-874, September.
    2. Chichilnisky, Graciela, 1997. "A topological invariant for competitive markets," Journal of Mathematical Economics, Elsevier, vol. 28(4), pages 445-469, November.
    3. Chichilnisky, G., 1993. "Intersecting Families of Sets and the Topology of Cones in Economics," Papers 93-17, Columbia - Graduate School of Business.
    4. Graciela Chichilnisky, 1997. "A Unified Perspective on Resource Allocation: Limited Arbitrage is Necessary and Sufficient for the Existence of a Competitive Equilibrium, the Core and Social Choice," International Economic Association Series, in: Kenneth J. Arrow & Amartya Sen & Kotaro Suzumura (ed.), Social Choice Re-examined, chapter 6, pages 121-174, Palgrave Macmillan.
    5. Chichilnisky, Graciela, 1993. "North-South trade and the dynamics of renewable resources," Structural Change and Economic Dynamics, Elsevier, vol. 4(2), pages 219-248, December.
    6. Chichilnisky, Graciela, 1996. "Trade regimes and GATT: resource-intensive vs. knowledge intensive growth," MPRA Paper 8493, University Library of Munich, Germany.
    7. Chichilnisky, Graciela, 1995. "The economic value of the Earth's resources," MPRA Paper 8491, University Library of Munich, Germany.
    8. Chichilnisky, Graciela, 1977. "Development patterns and the international order," MPRA Paper 7991, University Library of Munich, Germany.
    9. Chichilnisky, Graciela, 1976. "Economic Development and Efficiency Criteria in the Satisfaction of Basic Needs," MPRA Paper 7980, University Library of Munich, Germany, revised 14 Mar 1977.
    10. Chichilnisky, Graciela, 1986. "A general equilibrium theory of North-South trade," MPRA Paper 8810, University Library of Munich, Germany.
    11. Chichilnisky, Graciela, 1994. "Social Diversity, Arbitrage, and Gains from Trade: A Unified Perspective on Resource Allocation," American Economic Review, American Economic Association, vol. 84(2), pages 427-434, May.
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    As found on the RePEc Biblio, the curated bibliography for Economics:
    1. > Schools of Economic Thought, Epistemology of Economics > Heterodox Approaches > Thermoeconomics > The economy system and entropy minimization

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    Cited by:

    1. Argandoña, Antonio, 2002. "Ethical challenges of the new economy: An agenda of issues," IESE Research Papers D/463, IESE Business School.
    2. Zhang, Wencheng & Peng, Shuijun & Sun, Chuanwang, 2015. "CO2 emissions in the global supply chains of services: An analysis based on a multi-regional input–output model," Energy Policy, Elsevier, vol. 86(C), pages 93-103.
    3. Godwin C. Nwaobi, 2001. "The New Globalization Era And Digitalization Debate: An Economists Perspective," International Trade 0112001, University Library of Munich, Germany.
    4. Jonathan Perraton, 2006. "Heavy Constraints on a “Weightless World”?," American Journal of Economics and Sociology, Wiley Blackwell, vol. 65(3), pages 641-691, July.
    5. Chichilnisky, Graciela & Gallopin, G., 2000. "The environmental impact of globalization on Latin America: a prospective approach," MPRA Paper 8440, University Library of Munich, Germany.
    6. Ehrlich, Paul R. & Wolff, Gary & Daily, Gretchen C. & Hughes, Jennifer B. & Daily, Scott & Dalton, Michael & Goulder, Lawrence, 1999. "Knowledge and the environment," Ecological Economics, Elsevier, vol. 30(2), pages 267-284, August.

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    More about this item

    Keywords

    Knowledge revolution; information; property rights; market structure; human capital;
    All these keywords.

    JEL classification:

    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development
    • O34 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Intellectual Property and Intellectual Capital
    • D8 - Microeconomics - - Information, Knowledge, and Uncertainty

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