Increasing significance of intellectual capital of organization in formation and development of knowledge economy

Abstract

The article highlights the process of transition from material to non-material factors of production in modern economic conditions. The organization’s intellectual capital is designated as a key intangible resource ensuring its competitiveness in the market and high performance factors. It has been inferred that it is necessary to form detailed understanding of the intellectual capital in order to implement the effective managerial impact on it aiming to form and develop the knowledge economy principles. The research and publications that show the concept of the knowledge economy are analyzed. The main characteristics of the knowledge economy are formulated, which provides for substantiating the intellectual capital as its key source. The main differences between traditional factors of production and intangible factors of production are identified, among which the lack of a developed methodology of assessment in relation to intangible factors of production has been emphasized. There has been determined the current state of the scientific research of using non-material factors of production aimed at forming and developing the knowledge economy. Placing too much emphasis on the aspect of influencing the investments into intangible assets on the organization’s performance by using the methods of mathematical statistics is considered as the main drawback of the foreign research. The excessive theoretical data, abstract and fragmented interpretation of the knowledge economy concepts and intellectual capital as its key resource are considered as the important shortcoming of the domestic research. It has been found that it is necessary to form a general organizational scheme for the impact of intellectual capital elements on the formation and development of the knowledge economy.