Sphere of values and related to them determinants of policy making constitute current issues in the social sciences. The author presents good practices in terms of partnerships among actors in the process of creation, implementation and evaluation of public policy, emphasizing their axiological foundations. This is primarily applicable in the knowledge sector which is an area particularly sensitive on the institutional ground because of great aspirations of the creators engaged. The article explains the concept of the knowledge sector using a group of related terms such as knowledge society, information society, knowledge-based economy, knowledge management and formulates a number of recommendations for development of this sector. The author presents the institutional structure of the knowledge sector in functional terms with emphasis on the demand of their greater integration in the pro-development activities. Subsequently, there is a presentation of constitutional norms, based on which the social dialogue and partnership are suggested as fundamental principles in the knowledge sector. The author examines the mission of the state emphasizing the importance of its role as a guarantor of these values and rules. Finally, the article presents the instruments of public policy towards the knowledge sector focusing on the importance of the principles and best practices in cooperation between public policy makers and their social partners – the creators of knowledge.