A Sustainable Perspective on the Knowledge Economy: A Critique of Austrian and Mainstream Views

Abstract

This paper proposes that the current growth-oriented exposition of the knowledge economy in literature is not only monistic but also partial. The mainstream`s persistent emphasis on knowledge and economic growth and its neglect of knowledge and other critical issues (such as promoting wealth equalities and environmental conservation) lead to a paucity in terms of the variety of knowledge in the global knowledge commons, which will not fulfill the goal of sustainable development. To maintain a sustainable society with an efficient use of resources, it is necessary to achieve a more equitable distribution of wealth. This type of question, however, continues to be ignored and remains unanswered in both the Austrian analysis of the knowledge problem and the mainstream exposition of the knowledge economy. In this regard, John Stuart Mill`s concept of the stationary state is in line with contemporary analysis of a sustainable society and is worth further review.