The Knowledge-based Economy as a Stage in the Development of the Economy
The Knowledge-based Economy as a Stage in the Development of the Economy

Summary/Abstract: The major objective of this article to attempt to show the model of a knowledge-based economy (KBE) as a stage in social, economic and institutional transformation, which has already been reached by highly developed economies. The research problem considered is examined against the background of the con-cepts A. Toffler’s waves of civilization and, J.A. Schumpeter’s waves of innovation with the use of the elements of historical and comparative analyses. The introduc-tion outlines the context, objectives and the reasons for taking up the topic. The main part of the article presents the process of the evolution of the economy from a model of the agrarian economy, through the industrial and service-based economies to the knowledge-based economy and describes in detail the three stages of advancement of the knowledge-based economy with corresponding metrics. The last paragraph of the article presents the conclusions drawn from the analyses.

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