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A Knowledge-Based Economy: New Directions of Macromodelling

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  • Władysław Welfe

Abstract

Development of “new economies” leading to economies mostly based on knowledge implies the construction of new long-term macroeconometric models. They should incorporate the impacts of new technologies being endogenized, as well as human capital. The paper discusses several issues related to the extension of the notion of production function. They cover first of all the measurement and explanation of total factor productivity (TFP), the role of domestic and foreign R&D expenditures, as well as educational expenditures. The discussion is extended to include proposals to construct new submodels explaining the sections of research and education and also the ICT industries. Copyright International Atlantic Economic Society 2008

Suggested Citation

  • Władysław Welfe, 2008. "A Knowledge-Based Economy: New Directions of Macromodelling," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 14(2), pages 167-180, May.
    • Handle: RePEc:kap:iaecre:v:14:y:2008:i:2:p:167-180:10.1007/s11294-008-9143-1
    DOI: 10.1007/s11294-008-9143-1
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    Cited by:

    1. Byun, Jeongeun & Park, Hyun-woo & Hong, Jae Pyo, 2017. "An international comparison of competitiveness in knowledge services," Technological Forecasting and Social Change, Elsevier, vol. 114(C), pages 203-213.
    2. Urszula Markowska-Przybyła, 2020. "Does Social Capital Matter for Total Factor Productivity? Exploratory Evidence from Poland," Sustainability, MDPI, vol. 12(23), pages 1-25, November.
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    More about this item

    Keywords

    Polish economy; Knowledge based economy; Macromodelling; Knowledge capital; R&D; Human capital; O10; C32; C57; E22;
    All these keywords.

    JEL classification:

    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General
    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
    • C57 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Econometrics of Games and Auctions
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity

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