Is the learning economy a viable concept for understanding the modern economy?

Purpose The purpose of this paper is to explore the conceptual adequacy of the learning economy and its ability to describe the modern globalised economy. It is argued that unlike many fleeting catchwords and phrases found in economics, the learning economy represents a superior conceptual and heuristic starting point that reflects a new and emerging economic regime. Design/methodology/approach The paper examines those features of the learning economy which makes it a useful conceptualization and highlights some preconditions that are functional for its emergence. The paper then assesses the empirical validity of the learning economy and gauges its performance across 16 EU countries. Findings The learning economy represents a viable and useful concept in economics and the broader social sciences, which synthesizes recent attempts to depict what is new in the world economy into an internally coherent whole while overcoming previous shortcomings. It reflects a tangible reality that has taken hold most firmly in a small but significant part of the world, the Nordic countries of Northwestern Europe. Social implications Because it has already emerged in some advanced countries, the learning economy offers a concrete exemplar for other countries to emulate. If one has to ask people and communities to sacrifice, save and invest for the future, it is more convincing to do so for a concrete and credible future that does exist than for some conjectural future. Originality/value The paper uses an epistemological perspective to analyse the concept of the learning economy as articulated by Bengt-Ake Lundvall.