THE NATURE AND FORM OF KNOWLEDGE IN THE ECONOMY

Abstract

For a long period of time, knowledge has been regarded as an important element of economic development, both in practical and theoretical aspects. This article is aimed at studying and systematizing the main theoretical features of the inclusion of knowledge in economic models. In models of knowledge production, this resource is an input for the functions of technology production and knowledge generation, contributing to a greater extent either to reduce costs or to accumulate information. Knowledge diffusion models take into account the types of participants in the knowledge transfer process and their absorptive capacity. As a result, economic models reveal patterns of positive and negative externalities from knowledge creation and dissemination.