Prospects for the idea of Knowledge-Based Economy. Employing the ancient perspective for the development of the future

Abstract

One of the most prevalent concepts describing the modern economy is the Knowledge-Based Economy (KBE). In an era of rapid scientific and technological advancement, the value of knowledge cannot be overstated; it is our most valuable resource. The aim of this paper is to examine the genesis and evolution of the KBE, as well as highlighting potential challenges and opportunities for its future. Paraphrasing F. Fukuyama’s famous prediction of ‘the end of history’, it seems reasonable to ask whether the KBE marks the ‘end of the economy’ or whether new determinants may emerge to transform it. Furthermore, as new theories emerge, the question arises as to which of them, and why, should be recognised as ‘knowledge’ and thus developed to shape the future. Rather than analyzing modern theories, we propose a return to the foundations of our cultural and intellectual heritage. Therefore, this study employs critical literature analysis and philosophical inquiry, referencing contemporary economic thought and Aristotelian hermeneutics. The terminological debates are limited in order to focus on the cultural and historical dimensions of KBE and to suggest its potential future trajectory. Drawing on Aristotle and the metaphor of the ‘ship of state’, we argue that nowadays, it is no longer sufficient to collect and analyse facts; rather, there is a need to assess probabilities and discuss potential outcomes. Translating this ability into action would enable us to make our knowledge ‘practical’ (in Aristotelian sense), and thus assist in charting a course for the future.