In my opinion, scientific research is the most important source of emerging innovations, new technological solutions and improvements in production processes that contribute to civilization development and technological progress, and also constitute an important source of added value of production processes in the economies of developed countries in knowledge-based economies. In the future, research should play a particularly important role in knowledge-based economies. For example, research should generate innovative ecological and new renewable energy solutions in the future to reduce adverse climate change resulting from a progressive global warming process.
In view of the above, I would like to ask you: Can research be considered as the most important factor generating technological value added in knowledge-based economies?
Please, answer, comments. I invite you to the discussion.
Yes , either systematic or unsystematic credit goes to account of Research
Research is the activity through which people can generate knowledge and then use it in different other domains, like technology. Yes, it is the most important activity from this point of view, especially when it concentrated in specialized laboratories, research centers, institutes and universities. However, transforming the new knowledge into products and services depend on many factors, of organizational, social, educational, political and economical nature. Innovation is the process through which new ideas can be transformed into new products and services and put on the market. Without research chances to create new knowledge are very small, as a result of serendipity.
The key element that defines knowledge economy is production and consumption of intellectual capital. As per OECD - “The knowledge based economy” is an expression coined to describe trends in advanced economies towards greater dependence on knowledge, information and high skill levels, and the increasing need for ready access to all of these by the business and public sectors (https://definedterm.com/knowledge_based_economy). Scientific research surely enhances intellectual capital, but its commercialization is critical (if scientific research merely resides within the academic institutions or research centers without being commercialized it may be lost or become inert to transform into value for consumers). Along-with scientific research there are other aspects of knowledge based economy that allow the production and consumption of intellectual capital, and these relate to the entrepreneurial ecosystem that provides the conducive environment for exchange knowledge between the producers and consumers of knowledge (this exchange facilitates value creation both at micro and macro economic levels).
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