Does the capital of knowledge affect the economic growth – economist’s view

The author distinguishes three fields of research concerning knowledge and the so-called knowledge-based economy: – definitions and general reflections based on theory; – international comparative analyses of general character; – international comparisons and analysis based on statistical and econometric methods. Then, the results of research within the three afore-mentioned disciplines are discussed. The conclusion states that knowledge is the main determinant of growth in the long run, but in the short and medium perspective, it is only one of a number of other determinants affecting the growth rates. In the final part, the author emphasizes the role of the quality of education and intellectual capital in the long-term economic growth of the country.