The Faster Accelerating Knowledge-Based Society
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.
|Date of creation:||Aug 2009|
|Date of revision:||Sep 2009|
|Contact details of provider:|| Postal: 599 Gwanak-Ro, Gwanak-Gu, Seoul 151-744|
Web page: http://temep.snu.ac.kr/
More information through EDIRC
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.:
- 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.
- Paul M Romer, 1999. "Increasing Returns and Long-Run Growth," Levine's Working Paper Archive 2232, David K. Levine.
- 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.
- Robert J. Gordon, 2000. "Does the "New Economy" Measure up to the Great Inventions of the Past?," NBER Working Papers 7833, National Bureau of Economic Research, Inc.
- Gordon, Robert J, 2000. "Does the 'New Economy' Measure up to the Great Inventions of the Past?," CEPR Discussion Papers 2607, C.E.P.R. Discussion Papers.
When requesting a correction, please mention this item's handle: RePEc:snv:dp2009:200913. 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: (Jorn Altmann)
If references are entirely missing, you can add them using this form.