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Knowledge-based Economy versus Network Economy
Muhammad Maz, Student (MBA), Pakistan, Member
What is the knowledge-based economy (KBE)?
What type of theories are involved, and how can we narrate and interpret it?
How can we differentiate it from other type of economies like the network economy?
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Economics of Knowledge
asif, Teacher, Pakistan, Member Knowledge based economics for countries works simply the same as for a person with knowledge. The concept is widely used in economic growth. Economic growth takes place when a country is able to increase its capital stock, its Long Run Aggregate Supply (LRAS) shifts outwards.
However if a country is able to improve its technology and productivity of workforce, then the marginal efficiency of capital (MEC) increases, which results in faster rate of economic growth.
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