To What Extent is Hungary a Knowledge-Based Economy?

György Boda

doi:10.18096/TMP.2017.01.06

Authors

György Boda Corvinus University of Budapest

DOI:

https://doi.org/10.18096/TMP.2017.01.06

Keywords:

knowledge content, realisation of comparative advantages, upgrading the factors of production, knowledge capital, dependent market economies

Abstract

While we can generally see a decline of the share of industry, parallel to this trend the Visegrad countries are taking over more industrial production (mainly assembly). This will reduce the requirements for innovative knowledge workers. This “over-industrialisation” has led to a dual economy, in which domestic companies compete by utilising the comparative advantages of a cheaper labour force. In fact, products whose comparative advantages do not decrease as the development gap narrows are needed for sustainable economic development. If we continue to hinder the development of non-material services this way, then by decreasing innovative capacities we shall get deeper into the trap of dependent market economies.

Author Biography

György Boda, Corvinus University of Budapest

Associate Professor

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