Munich Personal RePEc Archive

Knowledge Economics role in explaining growth and innovation

Khumalo, Bhekuzulu (2008): Knowledge Economics role in explaining growth and innovation.

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Abstract

This paper is written to show that there is a definite model that has been developed that explains the role of innovation to economic growth. This paper is based on the theorem that was built up in the paper that I wrote in 2007 entitled “Point X and the Economics of Knowledge”, as well as the so far unpublished papers concerning the long and short term properties of knowledge. This paper shall us the short term properties of knowledge to explain the relationship between growth and Knowledge. Stuart Kauffman of the university of Calgary believes that “Conventional economic theories about growth and the evolution of future wealth may be inadequate. We need a theory and historical examination of the growth of the actual economic web and of whether, in a supracritical economy, a sufficiently high diversity of the web autocatalytically drives its own growth. Furthermore, we need to understand the mutually and collectively cross-enhancing power of complementary technologies, regulatory structure and attraction of consumers in the creation of wealth.” I say this is wrong, the paper “Point X and the Economics of Knowledge”, gives an excellent framework to answer these questions. This paper will delve to be as simple as possible.

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