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Opening Plenary Session Address Science, Technology and Innovation for the New Economy


by Dr. Bert J. Lim, Chinese Taipei
Issue Chair, Connecting Research and Innovation Panel
President, The World Economics Society



For some time economists have realized that many of the laws of the market economy are being rewritten by a growing reliance on software, wetware (the human brain) and knowledge-based technologies. The appearance of the knowledge economy represents the current high-water mark of this development with knowledge encoded in digitized form.

The new economic paradigm is based on the recognition of the following four features:


1. The life cycles of knowledge technologies and products are often short, due to intense R&D. Technologies and products become more complex.
2. Economists have been late in recognizing the phenomenon of hypergrowth, so characteristic of the knowledge economy.
3. The high-tech corporation typically is embarked on a dynamic path that the orbit is nonlinear. It harbors the possibility of chaos.
4. In the resulting setting of industrial turmoil, there will occur rapid technological evolution.

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