IDEAS home Printed from https://ideas.repec.org/
MyIDEAS: Login to save this paper or follow this series

Investing in Knowledge: Knowledge, Human Capital and Institutions for the Long Run Growth

  • Daniele Schilirò

    ()

The essay aims at arguing that investing in knowledge is one of the main cause of the deep transformations in the structure of modern economies and also a strategic engine for the long run growth. In the recent years a clear long-standing trend in the OECD area have emerged, which is reflected in the expansion of knowledge-related investments and activities, thus transforming the industrial economies into knowledge-based economies. This paper, which is sympathetic with a Schumpeterian view that looks at the modern economic growth as a knowledge-driven process, shows that long run growth is a complex process that cannot be explained by one factor alone. Whereas in the Schumpeterian economy technological progress is the driver of economic growth, so goods are produced under conditions of substantial increasing returns to scale, and innovation becomes the principle source of wealth, in this work the former view is enriched with the idea that institutions have an important role to play in the creation and diffusion of new knowledge and in the process of growth, even if it is difficult to establish ex ante the nature of these relations. The topics of the paper concern scientific and technological knowledge and its relationship with human capital, the issue of open science and the necessary setting of appropriate institutions for knowledge creation. Moreover, an examination of OECD data related to investment in knowledge in OECD countries, with particular attention to human capital, is carried out to evaluate their economic performances. In such a context, the need of a long term growth policy for the EU economies consistent with the Lisbon Agenda is set forth; therefore the paper tries to suggest some proposals for a long term growth policy of the EU economies in this direction. Finally, conclusions end up the paper.

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL: http://centridiricerca.unicatt.it/cranec_crn0804.pdf
Download Restriction: no

Paper provided by Università Cattolica del Sacro Cuore, Centro di Ricerche in Analisi economica e sviluppo economico internazionale (CRANEC) in its series CRANEC - Working Papers del Centro di Ricerche in Analisi economica e sviluppo economico internazionale with number crn0804.

as
in new window

Length:
Date of creation: 2008
Date of revision:
Handle: RePEc:crn:wpaper:crn0804
Contact details of provider: Postal: via Necchi, 5 (5o piano), 20123 Milano
Phone: 02.7234.2474
Fax: 02.7234.2475
Web page: http://centridiricerca.unicatt.it/cranec_1800.html?type=Workingpapers
Email:


More information through EDIRC

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

as in new window
  1. Cowan Robin & David Paul & Foray Dominique, 1999. "The Explicit Economics of Knowledge Codification and Tacitness," Research Memorandum 025, Maastricht University, Maastricht Economic Research Institute on Innovation and Technology (MERIT).
  2. Dani Rodrik, 1998. "Symposium on Globalization in Perspective: An Introduction," Journal of Economic Perspectives, American Economic Association, vol. 12(4), pages 3-8, Fall.
  3. Paul A. David & Dominique Foray, 2005. "Economic Fundamentals Of the Knowledge Society," Development and Comp Systems 0502008, EconWPA.
  4. Dominique Foray, 2006. "The Economics of Knowledge," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262562235, June.
  5. Daniele Schilirò, 2005. "Economia della Conoscenza, Dinamica Strutturale e Ruolo delle Istituzioni," CRANEC - Working Papers del Centro di Ricerche in Analisi economica e sviluppo economico internazionale crn0502, Università Cattolica del Sacro Cuore, Centro di Ricerche in Analisi economica e sviluppo economico internazionale (CRANEC).
  6. Richard R. Nelson, 1995. "Recent Evolutionary Theorizing about Economic Change," Journal of Economic Literature, American Economic Association, vol. 33(1), pages 48-90, March.
Full references (including those not matched with items on IDEAS)

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

When requesting a correction, please mention this item's handle: RePEc:crn:wpaper:crn0804. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Paolo Valentini)

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.