Intellectual Capital as a Factor of Production

ome believes that discussions regarding Intellectual Capital Management have emanated from Intellectual Capitalism and increasing importance of knowledge and information on creation of wealth and value. Nonetheless, economically there are some controversies regarding the role of knowledge among the means of production. According to economic growth theories, technological knowledge as a kind of explicit knowledge is an independent factor of production. But according to neocapital theories, all kinds of knowledge including explicit and tacit knowledge are subsets of neocapitals like human capital and intellectual capital. The essential differences between knowledge and capital has led us to conclude knowledge is an independent factor of production, thought it's necessary to take into consideration the role of tacit knowledge on economic growth models, as well.

Keywords:

Intellectual Capital Management , explicit and tacit knowledge , economic growth models , Neocapital , Human Capital , Intellectual Capital