Formation of Knowledge Economy and Innovative Entrepreneurial Policy: Institutional Aspects

Abstract

The modern stage of globalization is characterized by a number of specific peculiarities of post-industry development, among which, in our view, the formation of knowledge-based economy (knowledge economy) is important. It is noteworthy that globalization complements the knowledge economy with the dimensions of global scale such as resource-technological, informational, communicative and institutional structures. According to postindustrial theory, the key resource of post-industrial economy is information and knowledge, and the main type of manufacturing activities is the high level of automated production. Among the main technologies, science inclusive technologies are used, and from the types of economic activities, a range of industry services is most common. if in the pre-industrial society agricultural sector was a determining factor, in the industrial society, it is the industry. In the post-industrial society theoretical knowledge in universities (where knowledge is generated and accumulated) becomes the determinant. These features are clearly reflected in the categories, such as the knowledgeable society, the knowledge society and the knowledge - value society. The important thing here is that the core of the society is the knowledge economy, while human capital is the main factor of development. it should be noted that in the process of forming the knowledge economy, the innovative aspect of entrepreneurial activities is of a particular importance in the con- text of all business entities. Therefore, the effectiveness of the overall innovative process depends on the efficient functioning of knowledge-based entrepreneurship, which in its own turn contributes to the development and implementation of innovative entrepreneurial policies by the state. The innovative entrepreneurial policy should envis- age the formation of the institutional component, its systematic modernization in dynamics, compliance and synchronization of general formal institutions and business culture as an informal institution.