Knowledge-based economy as a economic development strategy of twenty-first century

Abstract

Knowledge based economy as an economic development strategy of the 21st century. The spread of a new type of economy, knowledge-based economy is one of the most significant changes that we observe in the modern world. This process is a gradual transition from energy and material economy to economy based on information and knowledge. As a result of this, the hitherto competition among countries and regions through material resources is slowly being replaced by competing through non-material resources, especially through information, knowledge and new technologies. The prospects of development of countries and regions are increasingly determined by human intellectual potential and science. Construction of the new economy based on innovation is in the twenty-first century the main challenge for countries and regions, the aim of which is to achieve a high level of socio-economic development and competitiveness. The author of the speech presents theoretical foundations of the new economy, conditions of its construction and explains the universality of changes that it introduces. He also indicates its key meaning for the socio-economic development and for the processes of regional and international integration in the modern world, as a result of which knowledge-based economy increasingly aspires to the role of a generally accepted strategy for economic development in the era of globalization.