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Knowledge Industry
Knowledge industries are those industries which are based on their intensive use of technology and/or human capital. While most industries are dependent in some way on knowledge as inputs, knowledge industries are particularly dependent on knowledge and technology to generate revenue. Some industries that are included in this category include education, consulting, science, finance, insurance, information technology, health service, and communications. The term "knowledge industry" was suggested by Austrian-American economist Fritz Machlup to describe these industries in the context of his new idea of the knowledge economy. Emergence The production of knowledge before the Scientific Revolution had little economic impact and was practiced on a small scale. Since that time knowledge has become one of the largest and most important industrial sectors in world commerce. The emergence of knowledge as an industry has been essential in perpetuating the modern capitalist system. A mod ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Industry (economics)
In macroeconomics, an industry is a branch of an economy that Production (economics) , produces a closely-related set of raw materials, Good (economics) , goods, or Service (economics) , services. For example, one might refer to the wood industry or to the insurance industry. When evaluating a single group or company, its dominant source of revenue is typically used by industry classifications to classify it within a specific industry. For example the International Standard Industrial Classification (ISIC) – used directly or through derived classifications for the official statistics of most countries worldwide – classifies "statistical units" by the "economic activity in which they mainly engage". Industry is then defined as "set of statistical units that are classified into the same ISIC category". However, a single business need not belong just to one industry, such as when a large business (often referred to as a conglomerate (company), conglomerate) Diversification (m ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Technology
Technology is the application of knowledge to reach practical goals in a specifiable and reproducible way. The word ''technology'' may also mean the product of such an endeavor. The use of technology is widely prevalent in medicine, science, industry, communication, transportation, and daily life. Technologies include physical objects like utensils or machines and intangible tools such as software. Many technological advancements have led to societal changes. The earliest known technology is the stone tool, used in the prehistoric era, followed by fire use, which contributed to the growth of the human brain and the development of language in the Ice Age. The invention of the wheel in the Bronze Age enabled wider travel and the creation of more complex machines. Recent technological developments, including the printing press, the telephone, and the Internet have lowered communication barriers and ushered in the knowledge economy. While technology contributes to econom ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Human Capital
Human capital is a concept used by social scientists to designate personal attributes considered useful in the production process. It encompasses employee knowledge, skills, know-how, good health, and education. Human capital has a substantial impact on individual earnings. Research indicates that human capital investments have high economic returns throughout childhood and young adulthood. Companies can invest in human capital, for example, through education and training, enabling improved levels of quality and production. As a result of his conceptualization and modeling work using Human Capital as a key factor, the 2018 Nobel Prize for Economics was jointly awarded to Paul Romer, who founded the modern innovation-driven approach to understanding economic growth. In the recent literature, the new concept of task-specific human capital was coined in 2004 by Robert Gibbons, an economist at MIT, and Michael Waldman, an economist at Cornell University. The concept emphasizes ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fritz Machlup
Fritz Machlup (; ; December 15, 1902 – January 30, 1983) was an Austrian-American economist who was president of the International Economic Association from 1971–1974. He was one of the first economists to examine knowledge as an economic resource, and is credited with popularizing the concept of the information society. Early life and career He was born to Jewish parents in Wiener-Neustadt, Austria, near Vienna; his father was a businessman who owned two factories that manufactured cardboard. Machlup earned his doctorate at the University of Vienna. In 1933, he received a Rockefeller scholarship for the USA and in 1935 became professor at the University of Buffalo. After the Nazi seizure of his homeland Austria in 1938, Machlup stayed in the United States and became a US citizen in 1940. Machlup's key work was ''The Production and Distribution of Knowledge in the United States'' (1962), which is credited with popularizing the concept of the information society. Machlup was ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Knowledge Economy
The knowledge economy (or the knowledge-based economy) is an economic system in which the production of goods and services is based principally on knowledge-intensive activities that contribute to advancement in technical and scientific innovation. The key element of value is the greater dependence on human capital and intellectual property for the source of the innovative ideas, information and practices. Organisations are required to capitalise this "knowledge" into their production to stimulate and deepen the business development process. There is less reliance on physical input and natural resources. A knowledge-based economy relies on the crucial role of intangible assets within the organisations' settings in facilitating modern economic growth. A knowledge economy features a highly skilled workforce within the microeconomic and macroeconomic environment; institutions and industries create jobs that demand specialized skills in order to meet the global market ne ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Scientific Revolution
The Scientific Revolution was a series of events that marked the emergence of modern science during the early modern period, when developments in mathematics, physics, astronomy, biology (including human anatomy) and chemistry transformed the views of society about nature.Galilei, Galileo (1974) ''Two New Sciences'', trans. Stillman Drake, (Madison: Univ. of Wisconsin Pr. pp. 217, 225, 296–67.Clagett, Marshall (1961) ''The Science of Mechanics in the Middle Ages''. Madison, Univ. of Wisconsin Pr. pp. 218–19, 252–55, 346, 409–16, 547, 576–78, 673–82 Hannam, p. 342 The Scientific Revolution took place in Europe starting towards the second half of the Renaissance period, with the 1543 Nicolaus Copernicus publication '' De revolutionibus orbium coelestium'' (''On the Revolutions of the Heavenly Spheres'') often cited as its beginning. The era of the Scientific Renaissance focused to some degree on recovering the knowledge of the ancients, and is considered to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gross National Product
The gross national income (GNI), previously known as gross national product (GNP), is the total domestic and foreign output claimed by residents of a country, consisting of gross domestic product (GDP), plus factor incomes earned by foreign residents, minus income earned in the domestic economy by nonresidents. Comparing GNI to GDP shows the degree to which a nation's GDP represents domestic or international activity. GNI has gradually replaced GNP in international statistics. While being conceptually identical, it is calculated differently. GNI is the basis of calculation of the largest part of contributions to the budget of the European Union. In February 2017, Ireland's GDP became so distorted from the base erosion and profit shifting ("BEPS") tax planning tools of U.S. multinationals, that the Central Bank of Ireland replaced Irish GDP with a new metric, Irish Modified GNI (or "GNI*"). In 2017, Irish GDP was 162% of Irish Modified GNI. Comparison of GNI and GDP \mat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Knowledge Economy
The knowledge economy (or the knowledge-based economy) is an economic system in which the production of goods and services is based principally on knowledge-intensive activities that contribute to advancement in technical and scientific innovation. The key element of value is the greater dependence on human capital and intellectual property for the source of the innovative ideas, information and practices. Organisations are required to capitalise this "knowledge" into their production to stimulate and deepen the business development process. There is less reliance on physical input and natural resources. A knowledge-based economy relies on the crucial role of intangible assets within the organisations' settings in facilitating modern economic growth. A knowledge economy features a highly skilled workforce within the microeconomic and macroeconomic environment; institutions and industries create jobs that demand specialized skills in order to meet the global market ne ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Knowledge Industry
Knowledge industries are those industries which are based on their intensive use of technology and/or human capital. While most industries are dependent in some way on knowledge as inputs, knowledge industries are particularly dependent on knowledge and technology to generate revenue. Some industries that are included in this category include education, consulting, science, finance, insurance, information technology, health service, and communications. The term "knowledge industry" was suggested by Austrian-American economist Fritz Machlup to describe these industries in the context of his new idea of the knowledge economy. Emergence The production of knowledge before the Scientific Revolution had little economic impact and was practiced on a small scale. Since that time knowledge has become one of the largest and most important industrial sectors in world commerce. The emergence of knowledge as an industry has been essential in perpetuating the modern capitalist system. A mod ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Information Age
The Information Age (also known as the Computer Age, Digital Age, Silicon Age, or New Media Age) is a historical period that began in the mid-20th century. It is characterized by a rapid shift from traditional industries, as established during the Industrial Revolution, to an economy centered on information technology. The onset of the Information Age has been linked to the development of the transistor in 1947, the optical amplifier in 1957, and Unix time, which began on January 1, 1970 and serves as the basis for Coordinated Universal Time and the Network Time Protocol. These technological advances have had a significant impact on the way information is processed and transmitted. According to the United Nations Public Administration Network, the Information Age was formed by capitalizing on computer microminiaturization advances, which led to modernized information systems and internet communications as the driving force of social evolution. Overview of early development ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Business Terms
Business is the practice of making one's living or making money by producing or buying and selling products (such as goods and services). It is also "any activity or enterprise entered into for profit." Having a business name does not separate the business entity from the owner, which means that the owner of the business is responsible and liable for debts incurred by the business. If the business acquires debts, the creditors can go after the owner's personal possessions. A business structure does not allow for corporate tax rates. The proprietor is personally taxed on all income from the business. The term is also often used colloquially (but not by lawyers or by public officials) to refer to a company, such as a corporation or cooperative. Corporations, in contrast with sole proprietors and partnerships, are a separate legal entity and provide limited liability for their owners/members, as well as being subject to corporate tax rates. A corporation is more complicated an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Social Information Processing
Social information processing is "an activity through which collective human actions organize knowledge." It is the creation and processing of information by a group of people. As an academic field Social Information Processing studies the information processing power of networked social systems. Typically computer tools are used such as: * Authoring tools: e.g., blogs * Collaboration tools: e.g., wikis, in particular, e.g., Wikipedia * Translating tools: Duolingo, reCAPTCHA * Tagging systems (social bookmarking): e.g., del.icio.us, Flickr, CiteULike * Social networking: e.g., Facebook, MySpace, Essembly * Collaborative filtering: e.g., Digg, the Amazon Product Recommendation System, Yahoo! Answers, Urtak Although computers are often used to facilitate networking and collaboration, they are not required. For example the ''Trictionary'' in 1982 was entirely paper and pen based, relying on neighborhood social networks and libraries. The creation of the ''Oxford English Diction ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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