The knowledge-based economy as a stage in the development of the economy

The major objective of this article to attempt to show the model of a knowledge-based economy (KBE) as a stage in social, economic and institutional transformation, which has already been reached by highly developed economies. The research problem considered is examined against the background of the concepts A. Toffler’s waves of civilization and, J.A. Schumpeter’s waves of innovation with the use of the elements of historical and comparative analyses. The introduction outlines the context, objectives and the reasons for taking up the topic. The main part of the article presents the process of the evolution of the economy from a model of the agrarian economy, through the industrial and service-based economies to the knowledge-based economy and describes in detail the three stages of advancement of the knowledge-based economy with corresponding metrics. The last paragraph of the article presents the conclusions drawn from the analyses.