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Prospects for Development of the Knowledge-Based Economy



The answer to the question whether less developed countries can "do the catching up" by basing their development on knowledge is moderately positive.   

Knowledge as a specific resource could be compared to a well-organised assets portfolio (Laudon & Starbuck 1996). It includes useful information that could enable companies to gain competitive upper hand on the market. It mainly refers to highly globalised sectors. The knowledge-based economy stands for an economy where companies' competition strategies are based on knowledge. Knowledge enables companies to "elbow their way through" internal and external limitations (Conner 1991). Conditions that are advantageous to such competitive strategies should be sought in the quality of: human resources, corporate management and government's economic policy. The knowledge-based market economy has the following characteristics:

-       significant share of companies operating on growing global markets and in fields of high added value;

-       common use of cutting edge IT technologies;

-       high level of labour productivity;

-       high level of human and intellectual capital expenditures;

-       full participation in the global capital market;

-       high competition intensity on goods, services, capital and labour markets.

The common denominator for these characteristics is a high level and proper application of knowledge and skills which belong to employees, managers as well as the legislative, executive and judiciary authorities.