The effect of knowledge on the economic growth

Florian Buşe
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Florian Buşe: University of Petroşani, Romania

Annals of the University of Petrosani, Economics, 2004, vol. 4, 37-44

Abstract: The economy of the future will find its support in the progresses of science and technique, in the technologies of the future, especially in the informatics industry. In the informational society, the fundamental economical resource will no longer be capital, or land, or physical labor, but it will be knowledge. The productivity of knowledge will be decisive in the economic successes of a country or enterprise. Today, the goals of the industrial policy are more and more related to the imperatives of the informational society. Recent models of economic growth consider research and development as the engine of the economic growth. Research and development generates two fundamental types of output: the new product or the new process itself; the technological information incorporated into new products. Knowledge does not only mean production and export of products which incorporate a large amount of science and technology, but also the capacity of obtaining in real time information about markets, distribution channels, consumers’ preferences. In order to be able to successfully compete on the world market companies must develop a high-performance informational system, which to be integrated in the organizational structure; a high-performance informational system can only be implemented under the conditions of the existence of adequate computing equipments, therefore resulting in a positive reinforcement of the two elements.

Keywords: knowledge; economical resource; production factor; public good; acquire knowledge; economic growth; international trade (search for similar items in EconPapers)
Date: 2004
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