The Foundations of the Conception of Knowledge-Based Economy in the Works of Nobel Laureates in Economics
Journal Title: Бізнес Інформ - Year 2016, Vol 9, Issue
Abstract
Despite a great attention to establishment of the knowledge-based economy, theoretical basis for this conception remains fragmented and requires strengthening. Therefore, the article is aimed at generalizing the foundations of the conception of knowledge-based economy, which are present in the works of Nobel Laureates in economics. As a result of analysis, it is found that the foundations of the conception of knowledge-based economy concept are introduced in writings by such scientists as S. Kuznets, F. von Hayek, Th. Schultz, R. Solow, M. Allais, G. Becker, P. Krugman, K. J. Arrow, D. Nort. The article provides results of a theoretical analysis of the findings made by the above mentioned scientists-economists. The relationship of the conception of knowledge-based economy with current theories: economic cycles, market economy, economic growth, technological progress, human capital, economic efficiency, the new economic geography, and institutional change has been displayed. In the analysis, knowledge has been presented as a factor of production, growth and development of economy. Issues of the common economic organization of society in terms of establishing the knowledge-based economy were discussed as well. It has been concluded that the current knowledge-based economy conception has synthetic nature, combining provisions of the neoliberal economic theory, keynesianism, and institutionalism.
Authors and Affiliations
Maxym Polyakov
Keywords
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