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Defining Knowledge-Driven Economic Dynamism in the World Economy: A Methodological Perspective

Paschalis Arvanitidis and George Petrakos
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George Petrakos: University of Thessaly

Chapter Chapter 2 in Innovation, Growth and Competitiveness, 2011, pp 15-39 from Springer

Abstract: Abstract Although economic progress has always been knowledge-based, the scope and role of knowledge to economic processes has fundamentally changed over the last years. On these grounds scholars have argued that a new, knowledge-based economy has emerged, presenting significant opportunities for economic growth and development. This chapter builds upon the concept of the knowledge-based economy to define knowledge-driven economic dynamism and to provide a methodology for assessing it. In particular, it argues that conventional measures of economic performance are not capable of capturing the qualities of the knowledge economy and, on these grounds it introduces an appropriate measure of knowledge-driven economic dynamism, called the Economic Dynamism Indicator (EDI).

Keywords: Human Capital; Economic Performance; Total Factor Productivity; Knowledge Economy; Composite Indicator (search for similar items in EconPapers)
Date: 2011
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DOI: 10.1007/978-3-642-14965-8_2

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