In this theoretical article, we revisit the notion of the intellectual wealth of nations. A slew of economic measures such as Gross Domestic Product, Per Capita Income, and Purchasing Power Parity exist as indicators of economic wealth. However, these are historical and measure only tangible outcomes, and that too in monetary terms. The intellectual wealth of nations is a notion that is future-oriented and includes intangible assets that may be applied to generate growth and development. The scholarly literature suggests that this is comprised of knowledge as a raw commodity; intellectual capital as its useable form; and innovation as it is applied to products and processes. In this article, we argue that innovation as the application of intellectual capital for the purpose of growth, and ishence the key process dimension in determining the wealth of nations.

Full text: IJEIR_770_Final.pdf