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Max Polyakov: The Knowledge Economy and its Opportunities for Businesses

Max Polyakov: The Knowledge Economy and its Opportunities for Businesses”

According to recent research of the World Bank in 2017, the USA, China, Japan, Germany and the UK remain to have the leading economies.  Furthermore, the USA accounts for more than a quarter of the world economy (24.8%); the cash equivalent is about 18 trillion USD. The difference between the USA and the UK is 20.4% or a whopping 15.1 trillion USD. But what is the reason for such a stunning difference? 

Max Polyakov, Founder of Association Noosphere believes that in order to find the answer to this question, one should study the concept of the knowledge economy, or in other words, an economy based on knowledge. According to Max Polyakov, knowledge is the key feature for innovations. If the concept is applied to creating economic models, it will lead to production of better products, as well as improved quality of lives for millions of people. 

To form his personal viewpoint on the issue, Max Polyakov has studied academic papers of R. Greenberg, J. Mokir, R. Delbridge and T. Lukyanchikov, M. Chentsov and A. Doroshenko. However, despite this, there is a great number of different kinds of research for this problem, the methods of studying the concept remain to be developed.

According to Max Polyakov, relying only on physical resources is not worth it. The main direction for both businesses and the state of economic institutions should be the support spheres that contribute to the development of the knowledge economy. 

Thereafter, all these processes will change the overall economic structure. Knowledge-intensive industries will have the highest priority. Furthermore, intellect, and human and social capital will dominate in all economic spheres, while the innovative, educational and research institutions are likely to also play a major economic role. 

Max Polyakov is sure that productive businesses, where intelligence is the most important aspect, are the keys for the knowledge economy. This statement can be easily explained by the fact that the basis of each economy belongs to people’s motivations, values and actions. 

Can the knowledge economy become a part of a new economic model? Many scientists believe that it has already become an inevitable part. Knowledge should be the fundamental aspect of any production process, as well as it should be used in every technological process. According to Max Polyakov, this concept reflects all the innovations that have been used in the economy and other social sciences in recent decades.

 

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