Economics of Science

Abstract

In today’s infocommunication and digital world, the value of knowledge has become as important as the cost of innovative products or services. Knowledge itself is now a commodity in the era of the knowledge economy. Accurately determining the cost of knowledge has emerged as a critical area of research for both science and business. This study aims to identify the distinctive features of the knowledge economy era and to mathematically formalize the cost of knowledge. The research employs a systematic analysis of scientific knowledge in the field of the knowledge economy. The results include a methodology for calculating the maximum cost of knowledge, which depends on several factors: the size of a realistic achievable market segment (SAM – Serviceable Available Market); the prevalence of knowledge in society’s educational sphere; the level of understanding required by the user; changes in the comfort of human life; the innovativeness of knowledge; and the speed at which new innovative knowledge is created. The study also explores the impact of infocommunication knowledge networks on production sustainability. It demonstrates that the growing importance of knowledge in national and global economies represents a new innovative revolution, driven by computer technology, digital infrastructure, and highly skilled labour. The key conclusion is that effective knowledge management and the development of infocommunication knowledge networks are essential strategies for the successful growth of modern companies.