Value Knowledge, Institutional Essence and Economic Growth

  •  Shangyi Zhang    


Knowledge can be divided into knowledge about technology and knowledge about value. The per capita distribution level of value knowledge determines the evolution of the system. Therefore, the essence of institution is value knowledge, and the evolution of institution depends on the variance of knowledge distribution per capita and the number of people. The economic system mapped by the level of value knowledge provides certainty for the introduction of economic technology, and finally achieves economic growth in the modern sense.

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