The Knowledge Society Vis-à-vis the Knowledge Economy and Their Potential Development Impacts in Russia

Abstract

The transition towards knowledge society and economy is considered a new trend in the global economy. This transition has become a necessity especially for emerging economies, which are suffering from a large dependency on rentier sectors and low technological competitiveness. However, this process requires clear and effective policies to fit the needs of those countries and available resources. The aim of this study is to run a horse race in between knowledge society and knowledge economy with regard to their development impacts in Russia. We find that knowledge society has a significant impact on development indicators while knowledge economy has negative effect on development indicators. We recommend that developing countries should prioritize knowledge societies on knowledge economies to realize the development benefits.