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”...

This paper develops an agent-based computational model to study the role of knowledge in shaping the institutional type and the internal organization of the institution through which economic activities are coordinated. The market and the firm are different institutions for coordinating economic...

Financial crises often result in government intervention to reallocate “bad paper” to new owners (purchasers), introducing valuation challenges for accountants, auditors, and those relying on their judgments. This paper argues that financial reporting of this reallocation and its subsequent...

This article illustrates a formal link between economic growth and longstanding quantitative measures of information and knowledge. The link is found by relating two concepts from evolutionary theory, namely the Price equation and bet-hedging (stochastic switching). The first part of the article...

Hayek's (1945) elaboration of the difficulty of aggregating diffuse private knowledge is the best-known articulation of the knowledge problem, and is an example of the difficulty of coordinating individual plans and choices in the ubiquitous and unavoidable presence of dispersed, private,...

This paper reviews and critiques the "opportunity discovery" approach to entrepreneurship and argues that entrepreneurship can be more thoroughly grounded, and more closely linked to more general problems of economic organization, by adopting the Cantillon-Knight-Mises understanding of...

The recent increase in the demand for expert economic analysis in antitrust litigation has improved the welfare of economists; however, the law and economics literature is silent on the effects of economic complexity or judges’ economic training on judicial decision-making. We use a unique...

Students' attributes and capabilities are believed to be influenced by many factors including how they are assessed during their studies. The mode of assessment in a student-centred institution is theoretically analysed for the capacitated knowledge in the higher education learning. The normal...