Knowledge Based Economy in a Neo-Schumpeterian Point of View

Schumpeter's growth theory (based on innovations, entrepreneurs, long waves and “creative destruction”) seems to be most adequate to discuss principles of the Knowledge Based Economy. In the paper author discussed assumptions of Schumpeter's theory in three subsections: “Long waves” leading to the Knowledge Based Economy, Innovation as a core of Schumpeter's economy and Neo-Schumpeterian “growth” as a pillar of Knowledge Based Economy. The purpose of this paper is the analysis of the Neo-Schumpeterian paradigms versus Knowledge Based Economy. Conclusions drawn from the study allow to state that definitions and concepts created by Schumpeter nearly over half of the century ago and Neo-Schumpeterians nowadays are perfectly in tune the objectives of the functioning of Knowledge Based Economy in XXI century