A Knowledge-Based Economy: New Directions of Macromodelling

Władysław Welfe ()

International Advances in Economic Research, 2008, vol. 14, issue 2, 167-180

Abstract: Development of “new economies” leading to economies mostly based on knowledge implies the construction of new long-term macroeconometric models. They should incorporate the impacts of new technologies being endogenized, as well as human capital. The paper discusses several issues related to the extension of the notion of production function. They cover first of all the measurement and explanation of total factor productivity (TFP), the role of domestic and foreign R&D expenditures, as well as educational expenditures. The discussion is extended to include proposals to construct new submodels explaining the sections of research and education and also the ICT industries. Copyright International Atlantic Economic Society 2008

Keywords: Polish economy; Knowledge based economy; Macromodelling; Knowledge capital; R&D; Human capital; O10; C32; C57; E22 (search for similar items in EconPapers)
Date: 2008
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Citations: View citations in EconPapers (4)

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DOI: 10.1007/s11294-008-9143-1

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