Open AccessKnowledge Based Economy in a Neo–Schumpeterian Point of View
Author(s) -
Karol Śledzik
Publication year - 2013
Publication title -
equilibrium
Language(s) - English
Resource type - Journals
eISSN - 2353-3293
pISSN - 1689-765X
DOI - 10.12775/equil.2013.027
Subject(s) - knowledge economy , pillar , economics , creative destruction , state (computer science) , neoclassical economics , core (optical fiber) , point (geometry) , economy , economic system , engineering , computer science , mathematics , structural engineering , telecommunications , geometry , algorithm
Schumpeter’s growth theory (based on innovations, entrepreneurs, long waves and “creative destruction”) seems to be most adequate to discuss principles of the Knowledge Based Economy. In the paper, the author discussed the assumptions of Schumpeter’s theory in three subsections: “Long waves” leading to the Knowledge Based Economy, Innovation as a core of Schumpeter’s economy, and Neo-Schumpeterian “growth” as a pillar of Knowledge Based Economy. The purpose of this paper is to show the Neo-Schumpeterian paradigms versus Knowledge Based Economy. Conclusions drawn from the study allow to state that definitions and concepts created by Schumpeter nearly over half of the century ago and Neo- Schumpeterians nowadays are perfectly in tune with the objectives of the functioning of Knowledge Based Economy in XXI century.