The aim of the paper is to present the changes in importance of the intangible economic factors such as knowledge and level of innovation in relation to the currently observed institutional transformation of the economic system, which leads to development of the 'new global knowledge-based economy'. The article attempts at confronting the theoretical considerations with the empirical data based on the aggregated data for the OECD countries. The paper makes use of the statistical materials collated by the Eurostat and OECD. The analyzed data may suggest that widely treated innovation represents one of the most important elements determining the economic potential.
Adam P. Balcerzak, Department of Microeconomics, University of Warmia and Mazur, Poland
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