Chichilnisky, Graciela (1998): The knowledge revolution. Published in: The Journal of International Trade & Economic Development , Vol. 7, No. 1 (1998): pp. 39-54.
Download (3MB) | Preview
We are on the threshold of a truly revolutionary era of discovery - ranging from the origins of the universe to new states of matter and microscopic machines, from a new understanding of the oceans and of the biological connections across the Earth's species to the functioning of the human brain and the origins of consciousness. This `golden age' of discovery, with frequent breakthroughs occurring virtually in every field, is inducing far-reaching social changes. We are undergoing a social and economic revolution which matches the impact of the agricultural and industrial revolutions. This is a `knowledge revolution' driven by knowledge and by the technologies for processing and communicating it. Knowledge is an intangible public good. It is privately produced, and it is replacing land and machines as the primary factor of production prevailing in the agricultural and industrial revolutions. This alters the terms of the debate between capitalism and socialism, and leads to a human-centred society with different types of markets, corporate structure and financial structures. Property rights on knowledge are key. Human capital is the engine of development. Markets require more egalitarian distribution of wealth for efficient functioning. The golden age of industrial society, with its voracious and unequal use of the Earth's resources, is reaching its logical limits. A new pattern of economic growth, knowledge-intensive growth, replaces the resource-intensive patterns that prevailed since World War II. This leads to a vision of society that is very innovative in the use of knowledge and very conservative in the use of the earth's resources, a new society centred on diversity and human capital and offering the prospect of substantial economic progress without damaging the ecosystems that support life on earth.
|Item Type:||MPRA Paper|
|Original Title:||The knowledge revolution|
|Keywords:||Knowledge revolution; information; property rights; market structure; human capital|
|Subjects:||O - Economic Development, Innovation, Technological Change, and Growth > O1 - Economic Development
O - Economic Development, Innovation, Technological Change, and Growth > O3 - Innovation ; Research and Development ; Technological Change ; Intellectual Property Rights > O34 - Intellectual Property and Intellectual Capital
D - Microeconomics > D8 - Information, Knowledge, and Uncertainty
|Depositing User:||Graciela Chichilnisky|
|Date Deposited:||29. May 2008 04:12|
|Last Modified:||14. Apr 2015 06:41|
Beck, N. (1992) Shifting Gears, New York: Harper Collins.
Bernardez, C. (1996) `Environmental assets and derivatives', Derivatives Week, Institutional Investor, V (22), 3 June.
Black, F. (1996) `The mathematics of uncertainty', Notices of the American Mathematical Society.
Branderburger, A. and Nalebuff,. B. (1996) Coopetition, Currency.
Chichilnisky, G. (1977a) `Economic development and efficiency criteria in the satisfaction of basic needs', Applied Mathematical Modelling, 1, 290-97.
Chichilnisky, G. (1977b) 'Development patterns and the international order', Journal of International Affairs, 31 (2), 275-304.
Chichilnisky, G. (1986) 'A general equilibrium theory of north-south trade', in W. Heller, R. Starr and D. Starrett, General Equilibrium: Essays in honor of Kenneth Arrow, Cambridge University Press.
Chichilnisky, G. (1994) 'Arbitrage, gains from trade and social diversity: a unified perspective on resource allocation', American Economic Review, 84 (4), 427-34.
Chichilnisky, G. (1994a) 'The Abatement of carbon emission in industrial and developing countries', in T. Jones (ed.) OECD: The Economics of Climate Change, 159-70.
Chichilnisky, G. (1994b) 'North-south trade and the global environment', American Economic Review, 84 (4), 851-74.
Chichilnisky, G. (1994c) 'Intersecting families of sets and the topology of cones in economics', Bulletin of the American Mathematical Society, Expository and Research Papers, 4 (2), 219-48.
Chichilnisky, G. (1995) 'North-South Trade and the dynamics of renewable resources', Structural Change and Economic Dynamics.
Chichilnisky, G. (1995/96) 'The economic value of the Earth's resources', Trends in Ecology and Evolution (TREE), 135-40.
Chichilnisky, G. (1996a) 'Trade regimes and GATT: resource intensive vs. knowledge intensive growth', Economic Systems merged with Journal of International Comparative Economics, 20, 147-81.
Chichilnisky, G. (1996b) 'Catastrophe bundles can hedge unknown risks', Best's Review, February 1996, 44-48.
Chichilnisky, G. (1996c) 'The greening of Bretton Woods', The Financial Times, 10 January, p. 8.
Chichilnisky, G. (19964) 'A unified perspective on resource allocation: limited arbitrage is necessary and sufficient for the existence of a competitive equilibrium, the core and social choice', in K. Arrow, A. Sen and T. Suzumura (eds) Social Choice Re-examined, Macmillan for the International Economic Association.
Chichilnisky, G. (1996e) 'A topological invariant for competitive markets', Journal of Mathematical Economics, forthcoming.
Chichilnisky, G. and Heal, G. (1993) 'Global environmental risks', Journal of Economic Perspectives, Fall 1996, 65-86.
Chichilnisky, G. and Heal, G. (1994) 'Who should abate? An international perspective', Economic Letters, Spring 1994, 443-49.
Chichilnisky, G. and Milgrom, P (1996) 'Efficient property rights in markets with knowledge', invited presentation, American Economic Association Annual Meeting, 3-5 January, San Francisco.
Chichilnisky, G., Heal, G. and Starrett, D. (1993) 'Equity and efficiency in international markets with emission permits', Center for Economic Policy Research Publication No. 81, Stanford University.
Financial Times (1996) Review of Information Technology, 'India's Software Industry' by P Taylor (ed.), 6 November.
IPCC (1994) World Resources: People and the Environment (1994-5). A Guide to the Global Environment, Intergovernmental Panel on Climate Change (IPCC), Oxford: Oxford University Press.
Moore, J. (1996) The Death of Competition, Harper Business.
Serageldin, 1. (1995) Sustainability and the Wealth of Nations: First Steps in an Ongoing Journey, World Bank.
The Economist (1996) 'The flourishing business of slavery', 21 September, p. 43.