Abstract
In the past three decades, important changes in the pattern of economic growth and productivity have been interpreted as a movement towards knowledge-based economy. Currently, output and employment are expanding fast in high-technology industries, as well as in knowledge-based services. More resources are spent on the production and development of new technologies, in particular on information and communication technology. At the same time, major shifts are taking place in the labour market, in particular, the increased demand for skilled labour. Globalisation and worldwide competition has shifted the comparative advantage of economies towards the factor of knowledge and innovation, where productivity based on the endogenous development capabilities plays a rather important role, as far as growth and competitiveness enhancement are concerned.
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Notes
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Arrow (1962) was the first to systematically appreciate the importance of innovation and technological change in the capital formation and economic growth. He observed that increases in income per capita could not be explained by increases in capital to labour ratio and concluded that the power behind the increase in productivity is the acquisition of knowledge and learning experience created and acquired during the production procedure.
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Kokkinou, A., Korres, G.M., Papanis, E., Giavrimis, P. (2013). Education Policy and Regional Convergence in the European Union. In: Carayannis, E., Korres, G. (eds) European Socio-Economic Integration. Innovation, Technology, and Knowledge Management, vol 28. Springer, Boston, MA. https://doi.org/10.1007/978-1-4614-5254-6_8
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