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Knowledge Economy: Characteristics and Dimensions

Author

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  • Shahrazad HADAD

    () (The Bucharest University of Economic Studies)

Abstract

Over the past several decades, the theme of knowledge economy (KE) has become increasingly important, being seen as a source of economic growth and competitiveness in all economic sectors. As a consequence of this development, the author provides evidence that scholars and commentators have pleaded in favor of using modern resources which enrich knowledge-based-economies, such as investments in IT&C, high-technology industries, and highly skilled workers. These factors are perceived as fundamental factors of KE, as the present research will state. The drivers of KE are indeed technologies with the help of knowledge and the production of information, all these conditioned by dissemination. The hereby article opens with a compare and contrast analysis of the traditional economy versus the knowledge economy. Also, the article defines the KE, focusing on the debate existing on the subject of its key characteristics and components (dimensions) according to international forums, scholars, and practitioners. At the same time, the author provides information on the drivers of KE, by thoroughly reviewing the academic literature in this field. In the end of the research, the focus moves to the four pillars of KE and their means of assessment. The positive economic trends that the KE brings forth are also analyzed, as well as the core elements of KE, also known under the name of the four pillars of KE: economic and institutional development stimuli; educated and skilled workers that can facilitate the creation and dissemination of knowledge; an adequate innovation system able to embrace the globalized knowledge stock, grasp it and adjust it to particular regional/local conditions; up-to-date information infrastructure enabling communication, information delivery and handling of information and knowledge.

Suggested Citation

  • Shahrazad HADAD, 2017. "Knowledge Economy: Characteristics and Dimensions," Management Dynamics in the Knowledge Economy Journal, College of Management, National University of Political Studies and Public Administration, vol. 5(2), pages 203-225, June.
  • Handle: RePEc:nup:jrmdke:v:5:y:2017:i:2:203-225
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    References listed on IDEAS

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    1. Richard Harris, 2011. "Models Of Regional Growth: Past, Present And Future," Journal of Economic Surveys, Wiley Blackwell, vol. 25(5), pages 913-951, December.
    2. Iwona Skrodzka, 2016. "Knowledge-Based Economy In The European Union – Cross-Country Analysis," Statistics in Transition new series, Główny Urząd Statystyczny (Polska), vol. 17(2), pages 281-294, June.
    3. Stefan Luethi & Alain Thierstein & Michael Bentlage, 2011. "Interlocking firm networks in the German knowledge economy. On local networks and global connectivity," ERSA conference papers ersa10p120, European Regional Science Association.
    4. Elchanan Cohn & John Addison, 1998. "The Economic Returns to Lifelong Learning in OECD Countries," Education Economics, Taylor & Francis Journals, vol. 6(3), pages 253-307.
    5. Constantin BRÄ‚TIANU, 2013. "The Triple Helix of the Organizational Knowledge," Management Dynamics in the Knowledge Economy Journal, College of Management, National University of Political Studies and Public Administration, vol. 1(2), pages 207-220, August.
    6. Yogesh Malhotra, 2000. "Knowledge Assets in the Global Economy: Assessment of National Intellectual Capital," Journal of Global Information Management (JGIM), IGI Global, vol. 8(3), pages 5-15, July.
    7. Constantin BRATIANU & Ivona ORZEA, 2010. "Organizational knowledge creation," Management & Marketing, Economic Publishing House, vol. 5(3), Autumn.
    8. Ruxandra BEJINARU, 2016. "Knowledge Dynamics Impact on Intellectual Capital in Organizations," Management Dynamics in the Knowledge Economy Journal, College of Management, National University of Political Studies and Public Administration, vol. 4(4), pages 515-534, December.
    9. Robert Huggins & Hiro Izushi & Daniel Prokop & Piers Thompson, 2014. "Regional competitiveness, economic growth and stages of development," Zbornik radova Ekonomskog fakulteta u Rijeci/Proceedings of Rijeka Faculty of Economics, University of Rijeka, Faculty of Economics, vol. 32(2), pages 255-283.
    10. Madalina Cristina Tocan, 2012. "Knowledge Based Economy Assessment," Journal of Knowledge Management, Economics and Information Technology, ScientificPapers.org, vol. 2(5), pages 1-13, October.
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    Cited by:

    1. Ruxandra BEJINARU, 2018. "Factorial Analysis Perspectives upon StudentsÂ’ Skills in the Knowledge Economy," Management Dynamics in the Knowledge Economy Journal, College of Management, National University of Political Studies and Public Administration, vol. 6(2), pages 265-284, June.

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