While economists and policymakers have long appreciated the economic significance of knowledge, they have paid insufficient attention to the conditions that make knowledge useful. Technologies, traditions, and ideas that work well in one setting may not when they are adopted elsewhere or maintained after conditions change.
CAMBRIDGE – Knowledge holds the key to economic prosperity. Technology, innovation, and know-how all come from learning new ways to produce the goods and services that enrich us. Knowledge is also the archetypal “public good”: new ideas can benefit everyone; and unless governments or monopolies restrict their dissemination, usage does not diminish availability. This is especially important for poor countries, because it means that they do not have to reinvent the wheel. They can simply adopt technologies and methods created by richer countries to drive their own economic development.
CAMBRIDGE – Knowledge holds the key to economic prosperity. Technology, innovation, and know-how all come from learning new ways to produce the goods and services that enrich us. Knowledge is also the archetypal “public good”: new ideas can benefit everyone; and unless governments or monopolies restrict their dissemination, usage does not diminish availability. This is especially important for poor countries, because it means that they do not have to reinvent the wheel. They can simply adopt technologies and methods created by richer countries to drive their own economic development.