Theoretical and Applied Approaches to the Use of Knowledge Capital in the Economy

Abstract

This article defines the concept of knowledge capital and the potential for its use in national economic development in an area where it is possible to quantitatively evaluate results using economic indicators. This area is the application of knowledge in the development of technologies and means of production with innovative characteristics. In this case, the volume of knowledge capital is estimated as the value of the produced innovative products in the form of means of production or consumer goods. This approach to measuring knowledge capital is not always feasible, for example, in education and fundamental scientific research. The purpose of this study is to assess the potential for accelerating the scientific and technological development of real sector industries by creating guarantees for increased economic efficiency in production under the country’s foreign trade and economic blockade. The study examines benchmarks for the interconnected development of scientific and technological knowledge potential and innovative areas for its application. The need to combine the investment efforts of enterprises in the real sector of the economy and the state in creating and utilizing the reproductive potential of the knowledge economy is substantiated. In the series of options studied, using experimental calculations for a number of agro-industrial enterprises as an example, preference is given to areas of science and technology development that guarantee the satisfaction of demand for innovative products currently in greatest demand in the national economy and the consumer sector. The criteria for choosing such products as capital goods and consumer goods, as determined by the recipients of these products, have been defined. Given the current need to ensure the technological competitiveness of Russian scientific and technological products in global markets, it is important to guarantee the advancement of innovative solutions in international economic competition. Such a guarantee is possible through funding the launch of scientific and technological developments whose products are most in demand by consumers. Important characteristics of the process under study are joint investment by enterprises and the state, complementing the insufficiently regular provision of assistance from regional and state budgets, as well as monitoring the effectiveness of scientific and technological solution support funds.