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Ntellectual Capital As The Basis For Economic Development And Competitiveness

Author

Listed:
  • BOZIDAR MILENKOVSKI

    (ST. KLIMENT OHRIDSKI UNIVERSITY - BITOLA REPUBLIC OF NORTH MACEDONIA)

  • MARINA BLAZEKOVIC-TOSHEVSKI

    (ST. KLIMENT OHRIDSKI UNIVERSITY - BITOLA REPUBLIC OF NORTH MACEDONIA)

Abstract

The influence of global energy crisis, COVID-19 pandemic, as well as the penetration of information and communication technologies in all aspects of life, require radical changes in the attitude towards modern economic trends. Today, knowledge is of strategic importance to economies around the world, and the thesis that countries have competitiveness based on relatively cheap factors of production, such as raw materials, energy, or cheap labor, does not apply in the case of many countries. The example of Japan, Singapore, Switzerland, Finland, Luxembourg or Israel, illustrates how a competitive advantage can be obtained due to knowledge even in conditions of expensive energy, lack of raw materials, expensive labor etc. Therefore, in addition to the positive attitude toward changes, great knowledge is needed in order to achieve progress. Knowledge, that is, its economic embodiment in intellectual capital, is becoming a key factor for competitiveness of both national economies and firms. Hence, this paper aims to introduce the concept of intellectual capital as the basis for economic development and competitiveness.

Suggested Citation

  • Bozidar Milenkovski & Marina Blazekovic-Toshevski, 2022. "Ntellectual Capital As The Basis For Economic Development And Competitiveness," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 5, pages 24-29, October.
    • Handle: RePEc:cbu:jrnlec:y:2022:v:5:p:24-29
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