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Knowledge-based economies and the institutional environment

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  • Schilirò, Daniele
Abstract
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, 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.

Suggested Citation

  • Schilirò, Daniele, 2012. "Knowledge-based economies and the institutional environment," MPRA Paper 83513, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:83513
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    References listed on IDEAS

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    1. Daniele Schilirò, 2010. "Investing in Knowledge: Knowledge, Human Capital and Institutions for the Long Run Growth," Chapters, in: Maarten J. Arentsen & Wouter van Rossum & Albert E. Steenge (ed.), Governance of Innovation, chapter 3, Edward Elgar Publishing.
    2. 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.
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    5. Daniele Schilirò, 2007. "Knowledge, Learning, Networks and Performance of Firms in Knowledge-Based Economies," CRANEC - Working Papers del Centro di Ricerche in Analisi economica e sviluppo economico internazionale crn0702, Università Cattolica del Sacro Cuore, Centro di Ricerche in Analisi economica e sviluppo economico internazionale (CRANEC).
    6. Paul A. David & Dominique Foray, "undated". "Economic Fundamentals of the Knowledge Society," Working Papers 02003, Stanford University, Department of Economics.
    7. 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.
    8. Carl J. Dahlman & Jorma Routti & Pekka Ylä-Anttila, 2006. "Finland as a Knowledge Economy : Elements of Success and Lessons Learned," World Bank Publications - Books, The World Bank Group, number 7138.
    9. Dominique Foray, 2006. "The Economics of Knowledge," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262562235, April.
    10. Smith, Keith, 2002. "What is the 'Knowledge Economy'? Knowledge Intensity and Distributed Knowledge Bases," UNU-INTECH Discussion Paper Series 2002-06, United Nations University - INTECH.
    11. Schilirò, Daniele, 2003. "Dibattito sulla globalizzazione. Un commento [Debate on globalization. A comment]," MPRA Paper 34943, University Library of Munich, Germany.
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    Cited by:

    1. Schilirò, Daniele, 2011. "Le banche popolari cooperative [The popular co-operative banks]," MPRA Paper 44213, University Library of Munich, Germany.
    2. Ramona Țigănașu & Sorin Mazilu, 2019. "EU’s Governments Responsiveness in Inducing Efficiency and Innovation," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(2), pages 189-198, December.
    3. Cornelia DUMITRU, 2016. "A Changing Labour Market – Economic Recovery And Jobs," Romanian Economic Business Review, Romanian-American University, vol. 11(2), pages 133-144, June.
    4. Daniele Schilirò, 2019. "The Growth Conundrum: Paul Romer’s Endogenous Growth," International Business Research, Canadian Center of Science and Education, vol. 12(10), pages 75-85, October.
    5. Daniele SCHILIR, 2015. "Mediterranean Migrations and Economic Development," Journal of Advanced Research in Economics and International Business, ASERS Publishing, vol. 3(4), pages 20-25.
    6. Schilirò, Daniele, 2020. "COVID-19 crisis and the public debt issue:The case of Italy," MPRA Paper 103997, University Library of Munich, Germany, revised Nov 2020.
    7. Schilirò, Daniele, 2017. "A glance at Solow’s growth theory," MPRA Paper 84531, University Library of Munich, Germany.
    8. Schilirò, Daniele, 2022. "Innovazione, crescita ed economia basata sulla conoscenza [Innovation, growth and knowledge-based economy]," MPRA Paper 113729, University Library of Munich, Germany.
    9. Schilirò, Daniele, 2021. "Digital transformation, COVID-19, and the future of work," MPRA Paper 108817, University Library of Munich, Germany.

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    More about this item

    Keywords

    knowledge-based economy; institutional environment; institutions; innovation; development;
    All these keywords.

    JEL classification:

    • D02 - Microeconomics - - General - - - Institutions: Design, Formation, Operations, and Impact
    • D20 - Microeconomics - - Production and Organizations - - - General
    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D

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