Different from national systems of innovation, a knowledge-based economy is grounded in the volatility of discursive knowledge enabling us to specify expectations. Expectations can be improved by testing against observations. Furthermore, expectations can differently be codified; for example, in terms of market perspectives and technological opportunities. The Triple Helix of university-industry-government relations provides first a (neo-)institutional model. However, three functions are recombined at the systems level in each instantiation: wealth generation (by industry), novelty production (academia), and legislation and regulation (government). The Triple-Helix synergy indicator enables us to use the institutional arrangements as instantiations of the knowledge-dynamics and thus to assess the generation of options and reduction of uncertainty in information-theoretical terms. The Fourth Industrial Revolution entails the transition to the reflexive entertaining of expectations in terms of models as increasingly the sources of innovations.
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Loet Leydesdorff (2018) studied this question.