Knowledge-Based Economy and The New Economic Paradigm
Knowledge-Based Economy and The New Economic Paradigm

Summary/Abstract: The governing scientific paradigm in economic theory is currently neoclassical economics, which views resource scarcity as the basis of economy’s existence, func­tioning and development. The article analyzes a number of new phenomena caused by knowledge-based economy, such as: abundance of knowledge; specific way of reproduction and alienation of knowledge; creative character of knowledge creation; preserving the usefulness and indestructibility of knowledge in the process of use; changes in character and mecha­nisms of accumulation; multi-subjectivity and easy transformation of knowledge from a private to a public good. These new realities do not fit in the „Procrustean bed” of neo­classical economics and doubt its explanatory possibilities. They can be viewed as a symptom and a prelude to a crisis, which will lead to a scientific revolution in economic theory and a replacement of the existing with a new scientific paradigm.

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