THE KNOWLEDGE-BASED ECONOMY

← Back to document page

GENERAL DISTRIBUTIONOCDE/GD(96)102THE KNOWLEDGE-BASED ECONOMYORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENTParis 19962Copyright OECD, 1996Applications for permission to reproduce or translate all or part of this material shouldbe made to:Head of Publications Service, OECD, 2 rue Andr Pascal, 75775 Paris, Cedex 16, OECD economies are increasingly based on knowledge and information. Knowledge is nowrecognised as the driver of productivity and economic growth, leading to a new focus on the role ofinformation, technology and learning in economic performance. The term knowledge-basedeconomy stems from this fuller recognition of the place of knowledge and technology in modernOECD analysis is increasingly directed to understanding the dynamics of the knowledge-basedeconomy and its relationship to traditional economics, as reflected in new growth theory.

Computers and related equipment are the fastest-growing component of tangible investment. Equally important are more intangible investments in research and development (R&D), the training of the labour force, computer software and technical expertise. Spending on research has reached about 2.3 per cent of GDP in the OECD area. Education accounts

  Equipment