Introduction and General Concepts

Elias G. Carayannis and Jeffrey M. Alexander

Chapter 1 in Global and Local Knowledge, 2006, pp 1-35 from Palgrave Macmillan

Abstract: Abstract Economics since Adam Smith identifies three chief productive factors in any economy: land, labor and capital. The shift in the West from an agrarian economy to one based on manufacturing was marked by the shift from land as the most important factor to physical capital — factories, machinery, and resources which composed these assets — and the financial capital to acquire those assets. The rise of a “post-capitalist” society as described by Drucker suggests that other assets are approaching ascendancy as contributors to economic productivity (Drucker, 1980). The manufacturing-based economy has given way to a “knowledge-based” economy.

Keywords: Technological Innovation; Local Knowledge; Strategic Management; Research Collaboration; Intellectual Capital (search for similar items in EconPapers)
Date: 2006
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-50872-9_1

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DOI: 10.1057/9780230508729_1

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