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Knowledge Based Economy

Knowledge Based Economy (version 1.0.0)

Knowledge Based Economy (KBE) is an artificial economy where firms placed in geographical space develop original knowledge, imitate one another and eventually recombine pieces of knowledge. In KBE, consumer value arises from the capability of certain pieces of knowledge to bridge between existing items (e.g., Steve Jobs illustrated the first smartphone explaining that you could make a call with it, but also listen to music and navigate the Internet). Since KBE includes a mechanism for the generation of value, it works without utility functions and does not need to model market exchanges.

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This is a companion discussion topic for the original entry at