Measuring the Contribution of the “Knowledge Economy” to the Economic Growth Rate: Comparative Analysis

Oleg Sukharev ()
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Oleg Sukharev: Institute of Economics of the Russian Academy of Sciences

Journal of the Knowledge Economy, 2021, vol. 12, issue 4, No 13, 1809-1829

Abstract: Abstract The formation and development of the “knowledge economy” is an important characterization of the modern global world, and this process depends a lot from the development of education and science, which ensure the production and transfer of knowledge. In this regard, the dimension of the influence of this aggregated sector on the dynamics of the development of the economy as a whole is of importance. The purpose of the research is to determine the size of the sector “knowledge economy” in the European Union and some countries for comparison, as well as assess the contribution of this sector, measured by different methods in the rate of economic growth. The methodology of the study is a structural analysis, on the basis of which it becomes possible to single out the content of the “knowledge economy” sector and obtain a “structural formula” for assessing the contribution of this sector to the economic growth rate. The result of the application of this methodology was that it was possible to identify an overestimated estimate of the “knowledge economy” according to the Eurostat methodology, which takes into account the types of activities by the number of employees with a certain level of education, and the scale of the “knowledge economy” sector was comparable with the location of countries in terms of per capita income. Having considered the discussion regarding the experience of carrying out institutional reforms of education in the European Union, we come to the conclusion that the competence-based approach to basic education is limited in solving the problem of training personnel with higher education. The unreasonableness of institutional reforms that adjust education to the current tasks of the business, replacing the teacher with a computer, has a number of significant limitations that will not affect the measurement key, but can lead to a quality that will subsequently affect the rate of economic growth not upward.

Keywords: “Knowledge economy”; Education; gross domestic product; European Union; “Structural formula”; Institutional reforms of education (search for similar items in EconPapers)
Date: 2021
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DOI: 10.1007/s13132-020-00690-w

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