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A New Vision Of The Knowledge Economy

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  • Brian Chi-ang Lin

Abstract

To date, more than half of the output in the major OECD countries has been knowledge based. This paper argues, however, that the current growth-oriented exposition of the knowledge economy rooted in the conventional concept of free competition is insufficient for promoting the long-term development of human societies. Although we now live in a knowledge economy, most countries have been concurrently characterized by serious phenomena such as environmental degradation and growing economic inequality. The prospect of meeting global commitments, for instance, to reducing inequality, as outlined in the 1995 World Summit for Social Development in Copenhagen and endorsed in the United Nations Millennium Declaration, is bleak and the global society as a whole has become less and less sustainable. Indeed, the world is better seen as composed of numerous (but finite) knowledge economies. To take up the challenge of sustainable development of human societies, we have to develop a pluralistic perspective of the knowledge economy and fully acknowledge the characteristics of each unique knowledge system (such as indigenous knowledge possessed by a small tribe). Once we can help each individual knowledge system develop into a specific set of economic institutions that freely exchange concepts and beliefs with each other in a global environment, we will be able to develop a global economy that embodies a value-committed basis that assures a sustainable path of development on earth. Copyright 2007 The Author Journal compilation © 2007 Blackwell Publishing Ltd.

Suggested Citation

  • Brian Chi-ang Lin, 2007. "A New Vision Of The Knowledge Economy," Journal of Economic Surveys, Wiley Blackwell, vol. 21(3), pages 553-584, July.
  • Handle: RePEc:bla:jecsur:v:21:y:2007:i:3:p:553-584
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    Cited by:

    1. Brennan, Andrew John, 2013. "A critique of the perceived solid conceptual foundations of ISEW & GPI — Irving Fisher's cognisance of human-health capital in ‘net psychic income’," Ecological Economics, Elsevier, vol. 88(C), pages 159-166.

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