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Digital Economy and Knowledge Economics: Implications on Economic Model
Abstract
The digitization of information has been one of the greatest stories of the last two decades. This paper seeks to explain the meaning of this process and how it affects already established models concerning trade and knowledge economics. This paper is based on the simple premise that knowledge is the most important resource, without which nothing can be done. The paper starts by looking at the competitive advantage theory that was largely promoted by Michael Porter whose works have greatly influenced the first part of this paper. The paper then discusses the ever more important role of knowledge due to competitive advantage theory and the digitalization of information. Finally the implications and discrediting the comparative advantage theory, this theory has no place in modern economic thinking. As we have more tools in our disposal, we must investigate the importance of wave theory as well as the true meaning of competition. It also looks into the greater role collaboration will play in the future. The paper briefly discusses the effects that the digitization of information will have over time.
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