There is a well known saying: Research converts money into knowledge, innovation converts knowledge into money. The … knowledge-based economy has four pillars: innovation, education, the economic and institutional regime, and information … infrastructure. Transformation towards a knowledge-based economy will necessarily shift the proportion and growth of national income …

codified knowledge determine the returns on different occupational choices in different environments. The data are drawn from … privileged access to tacit knowledge, thus confirming previous analyses on the role of social learning (e.g. Guiso and Schivardi …, 2005). On the other hand, our results suggest that the returns on codified knowledge in entrepreneurial activities may …