Philosophy of Economics

The Essence of the Smart (Intellectual) Economy

A contemporary manifestation of the cultural factor's influence on the economic development of society is the concept of the smart (intellectual) economy, which is often regarded as a new stage in the evolution of philosophical and economic thought. The formation of this concept has been predicated on significant achievements in science and technology, the establishment within societal and individual consciousness of the necessity for the preservation and reproduction of natural resources, and the idea of a respectful and prudent approach to the environment (that is, the ecological awareness). It also encompasses the understanding of the need to develop the economy based on next-generation technologies, focusing on comprehensive modernization and innovative growth, as well as the necessity for broad application of human creative and intellectual potential to achieve economic growth. Thus, it is changes within the cultural sphere of societal life that have engendered the idea of building a smart economy.

The characteristics of the smart economy include a close interconnection between science and the economy, particularly in the production and information sectors, the widespread application of scientific achievements in the economic realm, an increase in the share of the high-tech sector within the structure of social production, and a growing proportion of added value in produced goods generated through intellectual contributions. Additionally, there is a transformation in the nature of human labor in favor of creative and intellectual activities; innovation takes center stage as intellectual products—innovative developments resulting from human scientific endeavors—come to the fore. There is also an emphasis on the formation of new institutions capable of creating conditions for the realization of human intellectual resources, and transnational cooperation, which encompasses, among other things, the establishment and functioning of high-tech clusters—large international associations comprising institutions of science and education, industrial enterprises, and marketing and intermediary organizations (such as Silicon Valley and the Plastics Valley, the Automotive Cluster, which includes BMW, Daimler Chrysler, Opel, Porsche, suppliers of components and equipment, the German Industrial Bank, the Fraunhofer Institute, the Technical University of Dresden, the Leipzig Graduate School of Management, and others).

Therefore, the intellectual economy is based on comprehensive modernization and innovative development across all sectors through the use of next-generation technologies, ensuring high added value, energy efficiency, the formation of a protected natural environment, and social stability.

The main components of the smart economy include:

• Educated workers;
• An effective entrepreneurial culture;
• A developed infrastructure utilizing cutting-edge technologies and networks;
• Low production costs;
• The implementation of the principles of a "green economy";
• Ensuring social protection for the population.

Building a smart economy entails the opening of higher educational institutions' content, which operate in a coordinated manner, the extensive application of international standards, the increased role of electronic media, the emergence of horizontal and vertical interactions, the introduction of educational platforms, and a heightened focus on innovative resources and opportunities for realizing the potential of scholars. Smart specialists need to be trained within a system that spans from kindergarten to school to higher education institutions to production. In this regard, there arises a necessity to establish economic structures that serve as generators for the development of innovations and their integration into economic activities—structures that combine educational and scientific institutions as well as representatives from the business sector.

Thus, the smart economy represents a concept of a qualitatively new type of economy. The primary factor of its competitiveness is the level of technological advancement and innovation, while the essential resource for the country's prosperity lies in creating conditions for the formation and realization of human creative and intellectual potential. The smart economy is a model based on knowledge, innovation, information, and social protection for the populace.

Today, the establishment of a model for an intellectual economy is of paramount relevance in Ukraine. Consequently, the economic landscape of contemporary Ukraine must undergo significant, profound, rather than superficial, institutional changes and transformations that will define the future development of society.