The Knowledge Economy: A New Research Agenda

Abstract

Davide Gualerzi

In recent years the notion that intangible assets, such as ideas and creativity, ultimately “knowledge”, dominate modern production has re-focused the research of economic theory, and especially of growth theory, on knowledge and knowledge production. Knowledge production and accumulation are the source of technical change and the defining trait of the modern “knowledge economy”. Most important, these factors are said to be crucial for economic dynamism and growth performance. Underneath however is a “reductionist” view of knowledge that is not very helpful to understand what a “knowledge economy” might be.

There is a broader and we would argue more satisfactory perspective on the question of the knowledge economy. A new research agenda involves among other things discussing the goals and meaning of economic progress. Another important consequence of the change of perspective is refocusing the attention on externalities and their role in supporting economic growth.

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