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The Faster Accelerating Knowledge-Based Society

Author

Listed:
  • Tai-Yoo Kim
  • Almas Heshmati
  • Jihyoun Park

    (Technology Management, Economics, and Policy Program (TEMEP); Seoul National University)

Abstract

Economies in knowledge-based societies grow faster than in previous agricultural and industrial societies. This growth is based on the information and communications technology (ICT) development. The production function of ICT industries shows increasing returns to scale. The network effect of ICT development causes increasingly accelerated production and consumption values as the market gets larger in all supply and demand aspects. Thus, ICT development is the fundamental driving force of the faster economic growth, accelerated by increasing returns to scale and the network effect. Early investment in ICT achieves steep economic growth. The definition and characteristics of a knowledge-based society are given, and the nature, causes, and patterns of the faster acceleration of it are explained.

Suggested Citation

  • Tai-Yoo Kim & Almas Heshmati & Jihyoun Park, 2009. "The Faster Accelerating Knowledge-Based Society," TEMEP Discussion Papers 200913, Seoul National University; Technology Management, Economics, and Policy Program (TEMEP), revised Sep 2009.
    • Handle: RePEc:snv:dp2009:200913
    as

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    File URL: http://temep-repec.my-groups.de/DP-13.pdf
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    References listed on IDEAS

    as
    1. Romer, Paul M, 1986. "Increasing Returns and Long-run Growth," Journal of Political Economy, University of Chicago Press, vol. 94(5), pages 1002-1037, October.
    2. Robert J. Gordon, 2000. "Does the "New Economy" Measure Up to the Great Inventions of the Past?," Journal of Economic Perspectives, American Economic Association, vol. 14(4), pages 49-74, Fall.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Knowledge-based society; information society; post-industrial society; economic development; faster acceleration; industrial policy; technical change.;
    All these keywords.

    JEL classification:

    • L16 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Industrial Organization and Macroeconomics; Macroeconomic Industrial Structure
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence

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