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Chapter 16: Knowledge and its Economic Characteristics: A Conceptual Clarification
16 Knowledge and its economic characteristics: a conceptual clarification Ulrich Witt, Tom Broekel and Thomas Brenner 16.1 INTRODUCTION It is broadly acknowledged now that knowledge plays a crucial role in understanding technological change and its impact on economic activities (cf., e.g., Feldman, 1994; Nonaka et al., 2000; Antonelli, 2001; Mokyr, 2002; Murmann, 2003). With a growing body of research in economics focusing on the role of knowledge, a growing number of concepts and classifications of knowledge has been developed since the first elaborate attempt in that direction by Machlup (1980). One distinction that, among others, will serve as a reference here goes back to Polanyi (1958). It is the widely used distinction between tacit and overt, or implicit and explicit, knowledge (see Cowan and Foray, 1997; Cowan et al., 2000 and the literature cited there). While knowledge is considered overt when it is openly accessible to everybody and understandable, for tacit knowledge this is considered not to be the case (Cowan and Foray, 1997; Zack, 1999; Cowan et al., 2000; Lissoni, 2001). A distinction like this is made with the intention to bring out characteristics of knowledge that are regarded as significant. Yet, what the significant characteristics are depends on the context. Distinguishing tacit from overt knowledge does not seem of much help, for instance, in deciding whether or not knowledge has a public-good character – a question that figures prominently in the economic literature (e.g. in welfare theory; see Arrow, 1962, or new growth theory; see Langlois, 2001). Some authors...
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