Knowledge-based Economies

Growth of «new» market economies is associated with rapid expansion of knowledge capital. It leads to the emergence of knowledge-based economies. As the literature broadly uses international cross-section samples to study the role of knowledge capital, we tried to recapitulate on the results of this research. However, our main aim was to show how they can be applied to analyse the growth of single economies and develop scenarios for the next 20 to 30 years. Extended production functions with endogenous TFP determined by knowledge capital generate potential output that may considerably differ from effective output. This calls for constructing complete models, addressing both final demand and total supplies. Their suggested structure is presented using the annual long-term macro-econometric models W8D of Polish economy.

Autorentext
The Editor: Wladyslaw Welfe is Professor of Economics at the University of Lódz and the Academy of Management in Lódz (Poland). He is member of the Polish and Ukrainian Academies of Science, and of the European Academy in Paris. The author received Dr. hc. of the universities of Uppsala, Cracow, Lyon 2, and Lódz. He is renowned worldwide for developing a macroeconometric modeling center at the University of Lódz.

Inhalt
Contents: Wadysaw Welfe: Preface Wadysaw Welfe: The Foundations of modelling a knowledge-based economy Tomasz Tokarski: The supply - side determinants of economic growth Aleksander Welfe/Wadysaw Welfe: Macroeconomic models of the knowledge-based economy Iwona wieczewska: Total factor productivity. The embodied capital of knowledge Waldemar Florczak: Human Capital and economic development Piotr Kbowski: Modelling integrated panel data: an overview Wadysaw Welfe: Final Remarks.