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Knowledge-based Economy versus Network Economy
Muhammad Maz, Student (MBA), Pakistan, Member
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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 ? (...) Read more? Sign up for free
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Economics of Knowledge
asif, Teacher, Pakistan, Member
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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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