Following the development of knowledge economies, there has been a rapid expansion of economic analysis of knowledge, both in the context of technological knowledge in particular and decision theory in general. This paper surveys this literature by identifying the main themes and contributions, and outlines the future prospects of the discipline. The wide scope of knowledge‐related questions in terms of applicability and alternative approaches has led to the fragmentation of research. Nonetheless, one can identify an enduring quest for analyzing various aspects of the generation, dissemination and use of knowledge in the economy.