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The Faster Accelerating Knowledge-Based Society

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  • Tai-Yoo Kim

    ()

  • Almas Heshmati
  • Jihyoun Park

    (Technology Management, Economics, and Policy Program (TEMEP); Seoul National University)

Abstract

Economies in knowledge-based societies grow faster than in previous agricultural and industrial societies. This growth is based on the information and communications technology (ICT) development. The production function of ICT industries shows increasing returns to scale. The network effect of ICT development causes increasingly accelerated production and consumption values as the market gets larger in all supply and demand aspects. Thus, ICT development is the fundamental driving force of the faster economic growth, accelerated by increasing returns to scale and the network effect. Early investment in ICT achieves steep economic growth. The definition and characteristics of a knowledge-based society are given, and the nature, causes, and patterns of the faster acceleration of it are explained.

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File URL: ftp://147.46.237.98/DP-13.pdf
File Function: First version, 2009
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Bibliographic Info

Paper provided by Seoul National University; Technology Management, Economics, and Policy Program (TEMEP) in its series TEMEP Discussion Papers with number 200913.

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Length: 32 pages
Date of creation: Aug 2009
Date of revision: Sep 2009
Handle: RePEc:snv:dp2009:200913

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Keywords: Knowledge-based society; information society; post-industrial society; economic development; faster acceleration; industrial policy; technical change.;

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  1. Romer, Paul M, 1986. "Increasing Returns and Long-run Growth," Journal of Political Economy, University of Chicago Press, vol. 94(5), pages 1002-37, October.
  2. Robert J. Gordon, 2000. "Does the "New Economy" Measure up to the Great Inventions of the Past?," NBER Working Papers 7833, National Bureau of Economic Research, Inc.
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