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Knowledge-based economies and the institutional environment

  • Schilirò, Daniele

Modern economies are increasingly based on knowledge and, more generally, on the intangible assets that favour the economic development. Knowledge-based economies are founded on increasing specialization, research, innovation and learning. The change towards a knowledge-based economy is happening on a global scale, a transformation is taking place in all advanced industrialised economies and many developing economies are also aspiring to reach this target. Knowledge-based economies require some critical requisites to become real and efficient economies. These are the four pillars: education and training, innovation, information infrastructure, the institutional regime. This contribution will focus mainly on one of those pillars: the institutional environment. Thus, after examining the definition and the characteristics of a knowledge-based economy, it focuses on the relationship between knowledge-based economies and the role of institutions. Institutions and the institutional environment play a key role in the development of a knowledge economy, so they do matter. The paper argues that various institutional changes must be introduced and these institutional changes that need to be made will involve the public and private sector, as it has been in the case of the Finland’s economy. In addition, because of the difficulties for the institutions to build and establish itself over time, it is necessary a certain degree of flexibility in the institutional regime and, hence, the ability to respond to uncertainties.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 37138.

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Date of creation: Nov 2010
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Handle: RePEc:pra:mprapa:37138
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  1. Partha, Dasgupta & David, Paul A., 1994. "Toward a new economics of science," Research Policy, Elsevier, vol. 23(5), pages 487-521, September.
  2. Paul A. David & Dominique Foray, 2005. "Economic Fundamentals Of the Knowledge Society," Development and Comp Systems 0502008, EconWPA.
  3. Cowan, Robin & David, Paul A & Foray, Dominique, 2000. "The Explicit Economics of Knowledge Codification and Tacitness," Industrial and Corporate Change, Oxford University Press, vol. 9(2), pages 211-53, June.
  4. David, Paul A., 1994. "Why are institutions the 'carriers of history'?: Path dependence and the evolution of conventions, organizations and institutions," Structural Change and Economic Dynamics, Elsevier, vol. 5(2), pages 205-220, December.
  5. Schilirò, Daniele, 2003. "Dibattito sulla globalizzazione. Un commento
    [Debate on globalization. A comment]
    ," MPRA Paper 34943, University Library of Munich, Germany.
  6. Schilirò, Daniele, 2008. "Knowledge, learning, networks and performance of firms in knowledge-based economies," MPRA Paper 30901, University Library of Munich, Germany.
  7. Daniele Schilirò, 2008. "Investing in Knowledge: Knowledge, Human Capital and Institutions for the Long Run Growth," CRANEC - Working Papers del Centro di Ricerche in Analisi economica e sviluppo economico internazionale crn0804, Università Cattolica del Sacro Cuore, Centro di Ricerche in Analisi economica e sviluppo economico internazionale (CRANEC).
  8. Schilirò, Daniele, 2005. "Economia della conoscenza,istituzioni e sviluppo economico
    [Knowledge-based economy, institutions and economic development]
    ," MPRA Paper 31492, University Library of Munich, Germany.
  9. Dominique Foray, 2006. "The Economics of Knowledge," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262562235, June.
  10. Smith, Keith, 2002. "What is the 'Knowledge Economy'? Knowledge Intensity and Distributed Knowledge Bases," UNU-INTECH Discussion Paper Series 06, United Nations University - INTECH.
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