Abstract
Abstract The purpose of this study is to discuss the dynamic interdependence of knowledge and economic growth. We show that the traditional economics, which treats knowledge as parameters and is mainly developed within linearized, stable and static frameworks can hardly explain the modern economic complexity. We argue that it is necessary to treat creativity, learning and knowledge utilization as endogenous dynamic processes of social and economic evolution. To handle with the complicated dynamic interdependence of wealth and knowledge accumulation, we need to apply genuine nonlinear dynamic theory. In particular, we discuss possible benefits of government's intervention in education and science to the society when the social and economic evolution is characterized of nonlinearity, instability and multi‐equilibria.
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