The Contribution of Economic Theory to the Understanding of a Knowledge-Based Economy
When I was asked to present at this Conference what economic theory has to offer to the understanding of a knowledge-based economy, two opposite answers came to my mind. The first one was that in one sense, which I shall specify shortly, economic theory is intrinsically about knowledge-based economies. The opposite answer, which I consider at least equally true, is that most strands of current theory have very little to say by way of an analysis of the nature of the particular form of economy that one observes nowadays and the transformation in its knowledge bases. Some words on the first point might help to clarify the second point.