EconPapers    
Economics at your fingertips  
 

The Role of Institutional Development in Creating Knowledge Based Economies: The Example from the Balkan Countries

Kristina Maric and Miroljub Shukarov

A chapter in Proceedings of the ENTRENOVA - ENTerprise REsearch InNOVAtion Conference, Rovinj, Croatia, 8-9 September 2016, 2016, pp 465-469 from IRENET - Society for Advancing Innovation and Research in Economy, Zagreb

Abstract: The aim of this paper is to present the role of institutional development in creating knowledge based economies which will further foster higher prospects for economic growth. A knowledge based economy is one that exploits knowledge to develop and maintain long-term economic growth. One of the postulates of the Knowledge Based Economy Framework is the economic and institutional regime that is beneficial to creation, transmission and utilization of knowledge. This regime provides incentives that promote the use and distribution of existing and new knowledge capably will help to foster policy change. Further on, the economic environment must have good policies and be encouraging to market transactions, likewise being open to free trade and FDIs. More importantly, the government should protect property rights to persuade entrepreneurship and knowledge investment. In order to depict the importance of institutional development in creation of knowledge based economies example is used by comparing the Knowledge Economy Index (KEI) for the Balkan Countries. The results indicate that countries that are EU members like Bulgaria, Croatia and Slovenia have higher KEI compared to Albania, Bosnia, Macedonia and Serbia. The main conclusion to be drawn is that countries with higher institutional development have higher KEI.

Keywords: institutional development; knowledge economy; education; innovation (search for similar items in EconPapers)
JEL-codes: I23 I25 I28 O43 (search for similar items in EconPapers)
Date: 2016
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed

Downloads: (external link)
https://www.econstor.eu/bitstream/10419/183753/1/6 ... Shukarov-465-469.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:zbw:entr16:183753

Access Statistics for this chapter

More chapters in Proceedings of the ENTRENOVA - ENTerprise REsearch InNOVAtion Conference (2016), Rovinj, Croatia from IRENET - Society for Advancing Innovation and Research in Economy, Zagreb
Bibliographic data for series maintained by ZBW - Leibniz Information Centre for Economics ().

 
Page updated 2020-01-25
Handle: RePEc:zbw:entr16:183753