Impact of technologies and economic development in the context of tacit knowledge and institutions

VOLCHIK V.V.
Doctor of Science, Professor, Southern Federal University, Rostov-on-Don

MASKAYEV A.I.
Master student, Southern Federal University, Rostov-on-Don

TERRA ECONOMICUS, 2014, Vol. 12 (no. 2.2),

p. 6-12

Technological progress is one of the most important factors of economic development. The relationship between economic efficiency and knowledge is obvious. Technique - this knowledge, even if not every knowledge turns into the technique. The development and widespread technique and information technologies is accompanied by a change in the institutional environment of society. Institutions determine which technology is evolving, used and incorporated into society, and which is blocked. Coordination function of institutions closely connected with forming and use of tacit knowledge. The value of tacit knowledge is the ability to accumulate information, which is the source and the result of economic and social exchanges.Institutions as social technologies and technologies used in production, linked through the mechanisms of economic exchanges that contribute to both the creation of tacit knowledge and use in the process of entrepreneurship and innovation.

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Keywords: institutional economics; technology; knowledge; tacit knowledge; economic development; institutions

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Publisher: Southern Federal University
Founder: Southern Federal University
ISSN: 2073-6606