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Introduction and General Concepts

In: Global and Local Knowledge

Author

Listed:
  • Elias G. Carayannis
  • Jeffrey M. Alexander

Abstract

Economics since Adam Smith identifies three chief productive factors in any economy: land, labor and capital. The shift in the West from an agrarian economy to one based on manufacturing was marked by the shift from land as the most important factor to physical capital — factories, machinery, and resources which composed these assets — and the financial capital to acquire those assets. The rise of a “post-capitalist” society as described by Drucker suggests that other assets are approaching ascendancy as contributors to economic productivity (Drucker, 1980). The manufacturing-based economy has given way to a “knowledge-based” economy.

Suggested Citation

  • Elias G. Carayannis & Jeffrey M. Alexander, 2006. "Introduction and General Concepts," Palgrave Macmillan Books, in: Global and Local Knowledge, chapter 1, pages 1-35, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-50872-9_1
    DOI: 10.1057/9780230508729_1
    as

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