IS THE DEVELOPMENT OF THE GLOBAL ECONOMY AFFECTED BY A KNOWLEDGE-BASED ECONOMY?

• Authors: Curkina Irina
• Languages of publication: EN

Abstracts

EN

A knowledge-based, or 'new', economy is now regarded as a universal remedy for ensuring effective development and increasing welfare levels. A knowledge-based economy focuses on human knowledge, creativity and the ability to realise these ideas in production processes, in other words, on human capital. The objective of the article is to highlight the genesis of a knowledge-based economy in the history of developed countries and to define the spheres that are considered the main driving forces in these 'new economy' countries. The article presents an analysis of the distinctive features of modern economic cycles, the impact of housing and food price increases on consumer prices and on country development, as well as growth trends in global financial markets in the first half of 2007. The authoress concludes that in terms of general growth, the impact of knowledge-based products and services cannot be denied; however there is no reason for regarding products with high added value as the sole development guarantee of all global members. The 'new' economy just supplements the 'old' one - this trend in the global economy has lasted for centuries; historically, innovative ideas are extremely rare - usually products are merely improved, not created completely anew.

Keywords

EN

ECONOMIC CYCLES; ECONOMIC DEVELOPMENT; KNOWLEDGE-BASED ECONOMY

Discipline

• ECONOMICS: ECONOMICS

• Publisher: EPC Ltd (Economic Prognosis Centre), Riga, Latvia (till March 2009 - Institute of Economics, Latvian Academy of Sciences, Ltd)
• Journal: Humanities and Social Sciences: Latvia
• Year: 2009
• Volume: 17
• Issue: 2
• Pages: 237-249
• Document type: ARTICLE

Contributors

author

Curkina Irina

• Irina Curkina, Institute of Economics, Latvian Academy of Sciences, Akademijas laukums 1, Riga, LV 1050, Latvia; www.hssl.lv.

Identifiers

CEJSH db identifier

09LVAAAA057514