Emerging strengthened from the crisis: potential for knowledge-based growth

In his introductory contribution, Ludger Wößmann, Ifo Institute and LMU, stressed that the sources of modern growth in the knowledge society imply particularly investments in the knowledge base of the population (education), generation and marketing of new knowledge (innovation) and communication of knowledge (ICT infrastructure). Knowledge-based macroeconomic growth has important implications for the microeconomic policies in the fields of education, innovation and ICT infrastructure. Recent research studies show that neither government spending nor thorough state regulation in all three areas have the best prospects for long-term success. More promising are general legal conditions that encourage individual initiative and stimulate private-sector investments.