Editorial: Understanding the multidimensional nature of innovation in the era of knowledge-based economy

Yigitcanlar, Tan (2016) Editorial: Understanding the multidimensional nature of innovation in the era of knowledge-based economy. International Journal of Knowledge-Based Development, 7(3), pp. 203-206.

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‘Knowledge-based economy’ is a term created to describe the trends in advanced economies towards a greater reliance on knowledge, innovation, and highly skilled labour (OECD, 1996). Knowledge-based economy has added the structural aspects of technological trajectories and regimes from a systems perspective (Cooke & Leydesdorff, 2006; Carrillo et al., 2014). The main novelty of the knowledge-based economy consists of the need to manage an intangible asset that, in contrast to material resources, does not depreciate through use but rather becomes more valuable the more it is used (Lonnqvist et al., 2014). Today’s most advanced economies are fundamentally knowledge-based (Yigitcanlar, 2010; Yigitcanlar & Lonnqvist, 2013). Burton-Jones (2001) notes that the gap between rich and poor nations has been constantly increasing during the capitalist movement and the new knowledge capitalism could be an opportunity to bridge the gap. As for Huggins (2011), “the evolution towards a knowledge-based economy not only represents a new competitiveness challenge, but a shift in both the nature of organisations and the way in which they devise and implement their strategies. The growing dependency of wealth creation on intangibles is making the global economy more fluid and volatile, and the capacity to access and combine new and existing knowledge effectively has become more important in the context of the competitiveness of companies, regions and nations” (p. 1459). In other words, in the age of knowledge-based economy ‘innovation’ is critical for companies, cities and nations to be able to compete globally (Sabatini-Marques et al., 2015).

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ID Code: 98350
Item Type: Journal Article
Refereed: Yes
Keywords: Knowledge-based urban development, Innovation
ISSN: 2040-4468
Subjects: Australian and New Zealand Standard Research Classification > BUILT ENVIRONMENT AND DESIGN (120000) > URBAN AND REGIONAL PLANNING (120500) > Urban Analysis and Development (120507)
Divisions: Current > Schools > School of Civil Engineering & Built Environment
Current > QUT Faculties and Divisions > Science & Engineering Faculty
Deposited On: 26 Aug 2016 03:37
Last Modified: 11 Jan 2017 21:39

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