The development of the intellectual economy of the future: trends, challenges of the future

Authors

DOI:

https://doi.org/10.57125/FEL.2021.09.25.04

Keywords:

economics , intellectualization , learning-by-doing , technology , asymmetry

Abstract

The modern development of scientific and production technologies leads to profound transformations in global economic life. The intellectualization of the economy has become a challenge, which in recent decades needs additional scientific actualization. The article aims to analyze the possible trends and challenges of the intellectual economy of the future. The article is based on general scientific methods of research: analysis, synthesis, induction, and deduction. Special economic research methods are also used (methods of collecting and processing information, analytical work, forecasting). The results of the article emphasize the general trends of global investment in education and science, which are typical for modern EU countries, the USA, Asian states (primarily, China). It is also established that within the framework of a large-scale transition of world economies to the phenomenon of intellectual production it is necessary to take into account the intensification of scientific and technical work and the increasing number of scientific resources, the global impact of information and communication technologies, the growth of international trade in intellectual services, the increase in the international movement of investment capital, etc. Important challenges have become new requirements for workers whose knowledge and skills in times of intellectualization of the economy. It is noted that the intellectual economy can lead to many problems, in particular the growing gap in the development of countries. The conclusion summarized the general trends, found that further research requires an assessment of the indexes of the intellectual economy, the analysis of industries related to the sphere of knowledge.

References

Bahamonde, H., & Trasberg, M. (2021). Inclusive institutions, unequal outcomes: Democracy, state capacity, and income inequality. European Journal of Political Economy, 102048. https://doi.org/10.1016/j.ejpoleco.2021.102048

Chekina, V., & Olena A. Vorhach, O. (2020). The impact of education expenditures on economic growth: Empirical estimation. The economy of Industry, 3(91), 96–122. https://doi.org/10.15407/econindustry2020.03.096

Dennison, W. F. (2018a). The costs of education. In Educational finance and resources (pp. 1–12). Routledge. https://doi.org/10.4324/9781351041188-1

Dennison, W. F. (2018b). Education and the economy. In Educational finance and resources (pp. 13–60). Routledge. https://doi.org/10.4324/9781351041188-2

Drucker, P. (2016). Post-Capitalist society. Taylor & Francis Group.

Education index by country. (2018). Retrieved from https://rankedex.com/society-rankings/education-index

Giesenow, F. M., de Wit, J., & de Haan, J. (2020). The political and institutional determinants of fiscal adjustments and expansions: Evidence for a large set of countries. European Journal of Political Economy, 64, 101911. https://doi.org/10.1016/j.ejpoleco.2020.101911

Global knowledge index 2020 | United Nations development program. (2020, December). Retrieved from https://www.undp.org/publications/global-knowledge-index-2020

Goczek, Ł., Witkowska, E., & Witkowski, B. (2021). How does education quality affect economic growth? Sustainability, 13(11), 6437. https://doi.org/10.3390/su13116437

Groll, T., O’Halloran, S., & McAllister, G. (2021). Delegation and the regulation of U.S. financial markets. European Journal of Political Economy, 102058. https://doi.org/10.1016/j.ejpoleco.2021.102058

Hayes, A. (2021, January 22). What is the knowledge economy? Definition, criteria, and example. Retrieved from https://www.investopedia.com/terms/k/knowledge-economy.asp

Machlup, F. (2012). The Production and Distribution of Knowledge in the United States . Literary Licensing

Marquez-Ramos, L., & Mourelle, E. (2019). Education and economic growth: An empirical analysis of nonlinearities. Applied Economic Analysis, 27(79), 21–45. https://doi.org/10.1108/aea-06-2019-0005

Messacar, D., & Frenette, M. (2019). Education savings plans, matching contributions, and household financial allocations: Evidence from a Canadian reform. Economics of Education Review, 73, 101922. https://doi.org/10.1016/j.econedurev.2019.101922

Micevska, M. (2021). Revisiting forced migration: A machine learning perspective. European Journal of Political Economy, 102044. https://doi.org/10.1016/j.ejpoleco.2021.102044

Nordin, M., Heckley, G., & Gerdtham, U. (2019). The impact of grade inflation on higher education enrolment and earnings. Economics of Education Review, 73, 101936. https://doi.org/10.1016/j.econedurev.2019.101936

OECD (2020). Educational finance indicators. Financial resources invested in education. Education and Training. OECD. Retrieved from: https://stats.oecd.org/Index.aspx?DataSetCode (accessed: 22.05.2020).

Oliinyk, O., Bilan, Y., & Mishchuk, H. (2021). Knowledge management and economic growth: The assessment of links and determinants of regulation. Central European Management Journal, 29(3). https://doi.org/10.7206/cemj.2658-0845.52

Picchio, M., & Santolini, R. (2020). Fiscal rules and budget forecast errors of Italian municipalities. European Journal of Political Economy, 64, 101921. https://doi.org/10.1016/j.ejpoleco.2020.101921

R&B Global funding forecast. (2019, October 18). Retrieved from https://www.rdworldonline.com/2019-rd-global-funding-forecast/

Downloads

Published

2021-09-25

How to Cite

Bushman, I. (2021). The development of the intellectual economy of the future: trends, challenges of the future . Futurity Economics&Law, 1(3), 33–42. https://doi.org/10.57125/FEL.2021.09.25.04