Knowledge based economy – the base of economic growth and development |
Economic development is a complex social process. Determination of factors that affect the economic growth and development, the way they work, the reasons some economiesare more developed than others, and why economies have different rates of economic growth are the issues of a number of studies. Analysing these topics, and according to the economic growth theories, the traditional determinants are found tobe the labour, capital and technology. However, knowledge is nowadays considered to be one of the factors of economic growth and development as well. The aim of the European Union is to build a knowledge-based economy, and hence the increased role of knowledge and new technologies. This paper analyzes the importance of knowledge as a factor of economic growth and development, and analyzes the results of building a knowledge-based economy in the European countries.
Sandra Jednak, Dragana Kragulj |