Part 4: Social Market Economy: Universities, research institutions as catalysts of an innovation economy
It is not pure knowledge economies, but innovation economies
Modern economies are called ‘knowledge economies’ because they rely on human knowledge for economic prosperity. However, this designation describes a modern economy only partly. Instead, they should appropriately be 
called ‘innovation economies’. That is because as we discussed in the previous part (available at: http://www.ft.lk/article/475843/Part-3--Social-Market-Economy) knowledge or invention alone is a lame duck incapable of delivering prosperity.
Monday, 5 October 2015
It is not pure knowledge economies, but innovation economiesModern economies are called ‘knowledge economies’ because they rely on human knowledge for economic prosperity. However, this designation describes a modern economy only partly. Instead, they should appropriately be called ‘innovation economies’. That is because as we discussed in the previous part (available at: http://www.ft.lk/article/475843/Part-3--Social-Market-Economy) knowledge or invention alone is a lame duck incapable of delivering prosperity.