The knowledge economy, or knowledge-based economy, is an economic system in which the production of goods and services is based principally on knowledge-intensive activities that contribute to advancement in technical and scientific innovation. The key element of value is the greater dependence on human capital and intellectual property as the source of innovative ideas, information and practices. Organisations are required to capitalise on this "knowledge" in their production to stimulate and deepen the business development process. There is less reliance on physical input and natural resources. A knowledge-based economy relies on the crucial role of intangible assets within the organisations' settings in facilitating modern economic growth.
William Jack Baumol was an American economist. He was a professor of economics at New York University, Academic Director of the Berkley Center for Entrepreneurship and Innovation, and Professor Emeritus at Princeton University. He was a prolific author of more than eighty books and several hundred journal articles. He is the namesake of the Baumol effect.
Entrepreneurial economics is the field of study that focuses on the study of entrepreneur and entrepreneurship within the economy. The accumulation of factors of production per se does not explain economic development. They are necessary factors of production, but they are not sufficient for economic growth.
Mark Casson is a British economist and academic. He is a professor of economics at the University of Reading in England. He held the position of Head of Department from 1987until 1994 and is the institution's current Director of the Centre for Institutional Performance.
The European Association for Evolutionary Political Economy (EAEPE) is a pluralist forum of social scientists that brings together institutional and evolutionary economists broadly defined. EAEPE members are scholars working on realistic approaches to economic theory and economic policy. With a membership of about 500, EAEPE is now the foremost European association for heterodox economists and the second-largest association for economists in Europe.
David Bruce Audretsch is an American economist. He is a distinguished professor at the School of Public and Environmental Affairs (SPEA) at Indiana University and also serves as director of the SPEA International Office, Ameritech Chair of Economic Development, and director of SPEA's Institute for Development Strategies (IDS). He is co-founder and co-editor of Small Business Economics: An Entrepreneurship Journal, and also works as a consultant to the United Nations, the World Bank, the OECD, the EU Commission, and the U.S. Department of State. He was the director of the Entrepreneurship, Growth and Public Policy Group at the Max Planck Institute of Economics in Germany from 2003 to 2009. Since 2020, he also serves as a distinguished professor in the Department of Innovation Management and Entrepreneurship at the University of Klagenfurt.
Innovation economics is new, and growing field of economic theory and applied/experimental economics that emphasizes innovation and entrepreneurship. It comprises both the application of any type of innovations, especially technological, but not only, into economic use. In classical economics this is the application of customer new technology into economic use; but also it could refer to the field of innovation and experimental economics that refers the new economic science developments that may be considered innovative. In his 1942 book Capitalism, Socialism and Democracy, economist Joseph Schumpeter introduced the notion of an innovation economy. He argued that evolving institutions, entrepreneurs and technological changes were at the heart of economic growth. However, it is only in recent years that "innovation economy," grounded in Schumpeter's ideas, has become a mainstream concept".
Björn Bjerke (1941–2018) was a Swedish economist, professor in entrepreneurship and small firms at Stockholm University, known for the 1997 book "Methodology for Creating Business Knowledge" written with Ingeman Arbnor.
Knowledge spillover is an exchange of ideas among individuals. Knowledge spillover is usually replaced by terminations of technology spillover, R&D spillover and/or spillover (economics) when the concept is specific to technology management and innovation economics. In knowledge management economics, knowledge spillovers are non-rival knowledge market costs incurred by a party not agreeing to assume the costs that has a spillover effect of stimulating technological improvements in a neighbor through one's own innovation. Such innovations often come from specialization within an industry.
Entrepreneurship is the creation or extraction of economic value in ways that generally entail beyond the minimal amount of risk, and potentially involving values besides simply economic ones.
Innovation management is a combination of the management of innovation processes, and change management. It refers to product, business process, marketing and organizational innovation. Innovation management is the subject of ISO 56000 series standards being developed by ISO TC 279.
Macroeconomic theory has its origins in the study of business cycles and monetary theory. In general, early theorists believed monetary factors could not affect real factors such as real output. John Maynard Keynes attacked some of these "classical" theories and produced a general theory that described the whole economy in terms of aggregates rather than individual, microeconomic parts. Attempting to explain unemployment and recessions, he noticed the tendency for people and businesses to hoard cash and avoid investment during a recession. He argued that this invalidated the assumptions of classical economists who thought that markets always clear, leaving no surplus of goods and no willing labor left idle.
University spin-offs are companies that transform technological inventions developed from university research that are likely to remain unexploited otherwise. They are a subcategory of research spin-offs. Prominent examples of university spin-offs are Genentech, Crucell, Lycos and Plastic Logic. In most countries, universities can claim the intellectual property (IP) rights on technologies developed in their laboratories. In the United States, the Bayh–Dole Act permits universities to pursue ownership of inventions made by researchers at their institutions using funding from the federal government, where previously federal research funding contracts and grants obligated inventors to assign the resulting IP to the government. This IP typically draws on patents or, in exceptional cases, copyrights. Therefore, the process of establishing the spin-off as a new corporation involves transferring the IP to the new corporation or giving the latter a license on this IP. Most research universities now have Technology Licensing Offices (TLOs) to facilitate and pursue such opportunities.
The Global Entrepreneurship Monitor (GEM) research project is an annual assessment of the national level of entrepreneurial activity in multiple, diverse countries. Today the study counts the participation of 115 countries and with longitudinal data dating back more than 20 years. The continuous expansion of its collaborative role has made GEM data a valuable tool to influence national economic policies and a quality resource trusted by international organizations such as the United Nations, the World Economic Forum, the World Bank and the Organization for Economic Co-operation and Development (OECD).
Michael Fritsch is professor (emeritus) of Economics at the Friedrich Schiller University Jena, Germany. He is also an Associate Editor of the academic journal Small Business Economics.
Charles Edquist is a Swedish researcher in Innovation, one of the founders and the first Director (2004-2011) of CIRCLE at Lund University, Sweden, and the holder of the Ruben Rausing Chair in Innovation Research at CIRCLE. Some of his most noted research contributions have been on the ‘Systems of Innovation approach’, the ‘Swedish Paradox’ and ‘Innovation Policy’. His early contributions to the ‘public procurement for innovation’ literature are among his most cited works to date.
Erik E. Lehmann is a German economist. He is a professor of Management and Organization at Augsburg University and Director of the CisAlpino Institute of Comparative Studies in Europe (CCSE), Augsburg University and University of Bergamo, Italy. Beyond, Lehmann is a visiting professor at University of Bergamo, an adjunct professor at Indiana University in Bloomington, USA, co-director of the Augsburg Center for Entrepreneurship (ACE), and a board member of the Bavarian America Academy (BAA) in Munich. He has been highly cited on his publications on entrepreneurship, with 11 authored or co-authored papers each cited over 100 times.
Elias G. Carayannis is a Greek-American economist who is presently a full Professor of Science, Technology, Innovation and Entrepreneurship at the George Washington University School of Business in Washington, D.C.
Phillip Phan is Alonzo and Virginia Decker Professor of Strategy and Entrepreneurship at the Carey Business School, Johns Hopkins University, with expertise in the areas of strategy and entrepreneurship. Phan's research examines corporate governance, entrepreneurship and technology transfer, regional economic development, and innovation management in healthcare. He is currently Editor-in-Chief of Academy of Management Perspectives.
Marco Vivarelli is an Italian economist, full professor and director of the Department of Economic Policy at the Università Cattolica del Sacro Cuore, Milan.
