The Faster Accelerating Knowledge-Based Society

Tai-Yoo Kim (), Almas Heshmati () and Jihyoun Park
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Jihyoun Park: Technology Management, Economics, and Policy Program (TEMEP); Seoul National University

No 200913, TEMEP Discussion Papers from Seoul National University; Technology Management, Economics, and Policy Program (TEMEP)

Abstract: Economies in knowledge-based societies grow faster than in previous agricultural and industrial societies. This growth is based on the information and communications technology (ICT) development. The production function of ICT industries shows increasing returns to scale. The network effect of ICT development causes increasingly accelerated production and consumption values as the market gets larger in all supply and demand aspects. Thus, ICT development is the fundamental driving force of the faster economic growth, accelerated by increasing returns to scale and the network effect. Early investment in ICT achieves steep economic growth. The definition and characteristics of a knowledge-based society are given, and the nature, causes, and patterns of the faster acceleration of it are explained.

Keywords: Knowledge-based society; information society; post-industrial society; economic development; faster acceleration; industrial policy; technical change. (search for similar items in EconPapers)
JEL-codes: L16 O11 O47 (search for similar items in EconPapers)
Pages: 32 pages
Date: 2009-08, Revised 2009-09
New Economics Papers: this item is included in nep-cse, nep-ict and nep-knm
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Persistent link: https://EconPapers.repec.org/RePEc:snv:dp2009:200913

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