The article is devoted to the problem of emerging knowledge economy in modern Russia. The author argues that knowledge economy can exist only under conditions of favorable institutions. It is first about institute of property which is unspecified in Russia. It means that property rights arent well-defined. The shaping of such kind of institutional framework is the result of contradictory political and economical development. The author assumes that institute of property was framed by interaction between key political and economical decision-makers. For a long period of time there werent any actors interested in the effective regime of property. Thus for today the problem of creation knowledge economy in Russia is mainly political then economical problem.