Measuring knowledge economy: towards an institutional approach
The general message of this article is that the standard approach to knowledge economy is becoming increasingly inadequate, because even within the same market system different countries take different paths of social development. The paper argues that formal institutional arrangements, implemented according to EU recommendations and backed by EU financing, merely touch upon the surface of the problem. Therefore, it is necessary to introduce a conceptual and analytical framework and address key issues related to knowledge economy and society. The paper stresses the role of informal institutions, embeddedness, and the concept of social trust.
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