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
Technical may refer to:
* Technical (vehicle), an improvised fighting vehicle
* Technical analysis, a discipline for forecasting the future direction of prices through the study of past market data
* Technical drawing, showing how something is co ...
and
scientific innovation
Innovation is the practical implementation of ideas that result in the introduction of new goods or services or improvement in offering goods or services. ISO TC 279 in the standard ISO 56000:2020 defines innovation as "a new or changed enti ...
.
The key element of value is the greater dependence on
human capital and
intellectual property
Intellectual property (IP) is a category of property that includes intangible creations of the human intellect. There are many types of intellectual property, and some countries recognize more than others. The best-known types are patents, co ...
for the source of the innovative
idea
In common usage and in philosophy, ideas are the results of thought. Also in philosophy, ideas can also be mental representational images of some object. Many philosophers have considered ideas to be a fundamental ontological category of bei ...
s,
information
Information is an abstract concept that refers to that which has the power to inform. At the most fundamental level information pertains to the interpretation of that which may be sensed. Any natural process that is not completely random, ...
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 resource
Natural resources are resources that are drawn from nature and used with few modifications. This includes the sources of valued characteristics such as commercial and industrial use, aesthetic value, scientific interest and cultural value. ...
s. A knowledge-based economy relies on the crucial role of
intangible assets within the organisations' settings in facilitating modern
economic growth
Economic growth can be defined as the increase or improvement in the inflation-adjusted market value of the goods and services produced by an economy in a financial year. Statisticians conventionally measure such growth as the percent rate o ...
.
A knowledge economy features a highly
skilled workforce within the
microeconomic and
macroeconomic
Macroeconomics (from the Greek prefix ''makro-'' meaning "large" + ''economics'') is a branch of economics dealing with performance, structure, behavior, and decision-making of an economy as a whole.
For example, using interest rates, taxes, an ...
environment; institutions and industries create jobs that demand
specialized skills in order to meet the
global market needs.
Knowledge is viewed as an additional
input
Input may refer to:
Computing
* Input (computer science), the act of entering data into a computer or data processing system
* Information, any data entered into a computer or data processing system
* Input device
* Input method
* Input port (disa ...
to
labour and
capital
Capital may refer to:
Common uses
* Capital city, a municipality of primary status
** List of national capital cities
* Capital letter, an upper-case letter Economics and social sciences
* Capital (economics), the durable produced goods used fo ...
. In principle, one's primary
individual capital is knowledge together with the ability to perform so as to create
economic value.
In a knowledge economy, highly
skilled jobs require excellent technical skills and relational skills
such as
problem-solving
Problem solving is the process of achieving a goal by overcoming obstacles, a frequent part of most activities. Problems in need of solutions range from simple personal tasks (e.g. how to turn on an appliance) to complex issues in business an ...
, the flexibility to interface with
multiple discipline areas as well as the ability to adapt to changes as opposed to moving or
craft
A craft or trade is a pastime or an occupation that requires particular skills and knowledge of skilled work. In a historical sense, particularly the Middle Ages and earlier, the term is usually applied to people occupied in small scale pr ...
ing
physical objects in conventional
manufacturing-based economies. A knowledge economy stands in contrast to an
agrarian economy
An agrarian society, or agricultural society, is any community whose economy is based on producing and maintaining crops and farmland. Another way to define an agrarian society is by seeing how much of a nation's total production is in agricultu ...
, in which the primary economic activity is
subsistence farming for which the main requirement is
manual labour
Manual labour (in Commonwealth English, manual labor in American English) or manual work is physical work done by humans, in contrast to labour by machines and working animals. It is most literally work done with the hands (the word ''manual ...
or an
industrialized economy
In sociology, industrial society is a society driven by the use of technology and machinery to enable mass production, supporting a large population with a high capacity for division of labour. Such a structure developed in the Western world in ...
that features
mass production in which most of the workers are relatively
unskilled.
A knowledge economy emphasizes the importance of skills in a
service economy, the third phase of economic development, also called a
post-industrial economy. It is related to an
information economy, which emphasizes the importance of information as non-physical capital, and a
digital economy, which emphasizes the degree to which
information technology
Information technology (IT) is the use of computers to create, process, store, retrieve, and exchange all kinds of data . and information. IT forms part of information and communications technology (ICT). An information technology syste ...
facilitates trade. For companies,
intellectual property
Intellectual property (IP) is a category of property that includes intangible creations of the human intellect. There are many types of intellectual property, and some countries recognize more than others. The best-known types are patents, co ...
such as
trade secret
Trade secrets are a type of intellectual property that includes formulas, practices, processes, designs, instruments, patterns, or compilations of information that have inherent economic value because they are not generally known or readily ...
s,
copyright
A copyright is a type of intellectual property that gives its owner the exclusive right to copy, distribute, adapt, display, and perform a creative work, usually for a limited time. The creative work may be in a literary, artistic, educatio ...
ed material, and
patent
A patent is a type of intellectual property that gives its owner the legal right to exclude others from making, using, or selling an invention for a limited period of time in exchange for publishing an enabling disclosure of the invention."A ...
ed processes become more valuable in a knowledge economy than in earlier eras.
The global economy transition to a knowledge economy
is also referred to as the
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 ...
, bringing about an
information society.
The term ''knowledge economy'' was made famous by
Peter Drucker as the title of Chapter 12 in his book ''
The Age of Discontinuity'' (1969), that Drucker attributed to economist
Fritz Machlup, originating in the idea of
scientific management developed by
Frederick Winslow Taylor.
Concepts
Knowledge-based economy and human capital
An
economic system that is not knowledge-based is considered to be inconceivable.
It describes the process of
consumption and
production activities that are satisfied from the application of workers' expertise -
intellectual capital Intellectual capital is the result of mental processes that form a set of intangible objects that can be used in economic activity and bring income to its owner (organization), covering the competencies of its people ( human capital), the value rela ...
and typically represents a significant level of individual
economic activities
Economics () is the social science that studies the production, distribution, and consumption of goods and services.
Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics analyze ...
in modern
developed economies through building an interconnected and advanced global economy where sources of knowledge are the critical contributors.
The present concept for "knowledge" is origins from the
historical
History (derived ) is the systematic study and the documentation of the human activity. The time period of event before the History of writing#Inventions of writing, invention of writing systems is considered prehistory. "History" is an umbr ...
and
philosophical studies by
Gilbert Ryle
Gilbert Ryle (19 August 1900 – 6 October 1976) was a British philosopher, principally known for his critique of Cartesian dualism, for which he coined the phrase " ghost in the machine." He was a representative of the generation of British o ...
and
Israel Scheffler
Israel Scheffler (November 25, 1923 – February 16, 2014) was an American philosopher of science and of education.
Career
Scheffler held B.A. and M.A. degrees in psychology from Brooklyn College, an M.H.L. and a D.H.L.(hon.) from the Jewish T ...
who conducted knowledge to the terms "
procedural knowledge
Procedural knowledge (also known as knowing-how, and sometimes referred to as practical knowledge, imperative knowledge, or performative knowledge) is the knowledge exercised in the performance of some task. Unlike descriptive knowledge (also kno ...
" and "
conceptual Knowledge" and identified two types of skills: "routine competencies or facilities" and "
critical skills" that is intelligent performance; and it's further elaborated by
Lundvall and Johnson
who defined "knowledge" economically highlighting four broad categories:
* ''Know-what :'' is of the knowledge about "
facts", presenting the
ownership of information. Examples include
population
Population typically refers to the number of people in a single area, whether it be a city or town, region, country, continent, or the world. Governments typically quantify the size of the resident population within their jurisdiction usi ...
of a country and
history
History (derived ) is the systematic study and the documentation of the human activity. The time period of event before the invention of writing systems is considered prehistory. "History" is an umbrella term comprising past events as well ...
evidence. As with
information revolution is emerging, complex occupations such as
law and
medicine
Medicine is the science and practice of caring for a patient, managing the diagnosis, prognosis, prevention, treatment, palliation of their injury or disease, and promoting their health. Medicine encompasses a variety of health care pr ...
remain highly demanding for knowledge and
expertise
An expert is somebody who has a broad and deep understanding and competence in terms of knowledge, skill and experience through practice and education in a particular field. Informally, an expert is someone widely recognized as a reliabl ...
under this category.
* ''Know-why :'' is of the
study
Study or studies may refer to:
General
* Education
** Higher education
* Clinical trial
* Experiment
* Observational study
* Research
* Study skills, abilities and approaches applied to learning
Other
* Study (art), a drawing or series of ...
within the
human mind
The mind is the set of faculties responsible for all mental phenomena. Often the term is also identified with the phenomena themselves. These faculties include thought, imagination, memory, will, and sensation. They are responsible for various m ...
and
society
A society is a group of individuals involved in persistent social interaction, or a large social group sharing the same spatial or social territory, typically subject to the same political authority and dominant cultural expectations. Soc ...
at the base of the knowledge of
principles and
laws of motion in nature. It concerns the
theoretical research of
scientific and
technological fields, which is essential for allowing
innovation
Innovation is the practical implementation of ideas that result in the introduction of new goods or services or improvement in offering goods or services. ISO TC 279 in the standard ISO 56000:2020 defines innovation as "a new or changed enti ...
in the
production process and products development in areas such as
universities
A university () is an institution of higher (or tertiary) education and research which awards academic degrees in several academic disciplines. Universities typically offer both undergraduate and postgraduate programs. In the United State ...
and
specialised firms. It can also reduce
error frequency in procedures.
* ''Know-who :'' refers to the specific and selective
social relation
A social relation or also described as a social interaction or social experience is the fundamental unit of analysis within the social sciences, and describes any voluntary or involuntary interpersonal relationship between two or more individuals ...
s, that is the identification of the key persons that know the solutions and are able to perform under difficult scenarios. Finding the right people can be more essential than knowing basic scientific knowledge for the success of innovation.
* ''Know-how'' : is of an individual's skills and experience to do different kinds of things on a practical level. Individuals share experiences in groups with uniform practices. It constitutes the human capital of enterprises.
In a knowledge economy,
human intellectual is the key engine of
economic enhancement. It is an economy where members acquire, create, disseminate and apply knowledge for facilitating economic and social development.
The
World Bank
The World Bank is an international financial institution that provides loans and grants to the governments of low- and middle-income countries for the purpose of pursuing capital projects. The World Bank is the collective name for the Inte ...
has spoken of knowledge economies by associating it to a four - pillar framework that analyses the rationales of a human capital based economies:
* ''An educated and skilled
labour force:'' The establishment of a strong knowledge-based economy required workers to have the ability to continuously
learn
Learning is the process of acquiring new understanding, knowledge, behaviors, skills, values, attitudes, and preferences. The ability to learn is possessed by humans, animals, and some machines; there is also evidence for some kind of l ...
and apply their skills to build and practice knowledge efficiently.
* ''A dense and modern information infrastructure'': is of the easy access to the
information and communication technology (ICT) resources in order to overcome the barrier of high
transaction cost, and to facilitate the effectiveness in interacting, disseminating and processing the information and knowledge resources.
* ''An effective innovation system'': a great level of
innovation
Innovation is the practical implementation of ideas that result in the introduction of new goods or services or improvement in offering goods or services. ISO TC 279 in the standard ISO 56000:2020 defines innovation as "a new or changed enti ...
within firms, industries, and countries to keep up with the latest global technology and human intelligence so as to utilize it for the domestic economy
* ''Institutional regime that supports incentives for
entrepreneurship
Entrepreneurship is the creation or extraction of economic value. With this definition, entrepreneurship is viewed as change, generally entailing risk beyond what is normally encountered in starting a business, which may include other values t ...
and the use of knowledge:'' An economy system should offer incentives to allow for better efficiency in mobilizing and allocating resources, together with encouraging entrepreneurship.
The advancement of a knowledge-based economy occurred when global economies promote changes in material production, together with the creation of rich mechanisms of economic theories after the second world war that tend to integrate science, technology and the economy.
Peter Drucker discussed the knowledge economy in the book-''The Effective Executive 1966'',
where he described the difference between the manual workers and the knowledge workers. The manual worker is the one who works with their own hands and produces goods and services. In contrast, the knowledge worker works with their head, rather than hands, and produces ideas, knowledge as well as information.
Definitions around "knowledge" are considered to be vague in terms of the
formalization and
modelling of a knowledge economy, as it is rather a relative concept. For example, there is no sufficient evidence and consideration in whether the "
information society" could serve or act as "
knowledge society" interchangeably.
Information
Information is an abstract concept that refers to that which has the power to inform. At the most fundamental level information pertains to the interpretation of that which may be sensed. Any natural process that is not completely random, ...
in general, is not equivalent to knowledge. Their use depends on the individual and groups preferences which are "economy-dependent". Information and knowledge together are production
resource
Resource refers to all the materials available in our environment which are technologically accessible, economically feasible and culturally sustainable and help us to satisfy our needs and wants. Resources can broadly be classified upon thei ...
s that can exist without interacting with other sources.
Resource
Resource refers to all the materials available in our environment which are technologically accessible, economically feasible and culturally sustainable and help us to satisfy our needs and wants. Resources can broadly be classified upon thei ...
s are of highly independent of each other in a sense that if they connect with other available resources, they transfer into
factors of productions immediately; and production factors are present only to interact with other factors. Knowledge associated with
intellectual information then is said to be a production factor in the
new economy that is distinguished from the
traditional production factors.
Evolution
From the early days of economic studies, though economists recognised the essential link between knowledge and
economic growth
Economic growth can be defined as the increase or improvement in the inflation-adjusted market value of the goods and services produced by an economy in a financial year. Statisticians conventionally measure such growth as the percent rate o ...
, it was still identified only as a supplemental element in economic factors. The idea behind has transformed in recent years when new growth theory gave praise to knowledge and technology in enhancing productivity and economic advancement.
Thus far, the developed society has transitioned from an
agriculture-based economy, that is, the
pre-industrial age where economy and wealth is primarily based upon agriculture, to an
industrial economy where the
manufacturing sector was booming. In the mid-1900s, the world economies moved towards a
post-industrial or
mass production system, where it is driven by the service sector that creates greater wealth than the manufacturing industry; to the late 1900s - 2000s, knowledge economy emerged with the highlights of the power of knowledge and human capital sector, and is now marked as the latest stage of development in global
economic restructuring.
In the final decades of 20th century, the knowledge economy became greatly associated with sectors based in
research-intensive and
high-technology industries as a result of the steadily increased demand for sophisticated
science-based innovations.
Knowledge economy operates differently from the past as it has been identified by the upheavals (sometimes referred to as the knowledge revolution) in technological innovations and globally competitive need for differentiation with new
goods and services, and processes that develop from the research community (i.e.,
R&D factors,
universities
A university () is an institution of higher (or tertiary) education and research which awards academic degrees in several academic disciplines. Universities typically offer both undergraduate and postgraduate programs. In the United State ...
,
labs,
educational institutes).
Thomas A. Stewart points out that just as the industrial revolution did not end agriculture because people have to eat, the knowledge revolution is unlikely to end the industry because society remains in demands for physical goods and services. .
For the modern knowledge economies, especially the
developed countries
A developed country (or industrialized country, high-income country, more economically developed country (MEDC), advanced country) is a sovereign state that has a high quality of life, developed economy and advanced technological infrastruct ...
, information and knowledge have always taken on enormous importance in the development in either traditional or industrial economy, in particular for the efficient use of
factors of production. Owners of production factors should possess and master information and knowledge so as to apply it during one's economic activity.
In the knowledge economy, the specialised
labor force
The workforce or labour force is a concept referring to the pool of human beings either in employment or in unemployment. It is generally used to describe those working for a single company or industry, but can also apply to a geographic ...
is characterised as
computer literate
Computer literacy is defined as the knowledge and ability to use computers and related technology efficiently, with skill levels ranging from elementary use to computer programming and advanced problem solving. Computer literacy can also refe ...
and well-trained in handling data, developing
algorithm
In mathematics and computer science, an algorithm () is a finite sequence of rigorous instructions, typically used to solve a class of specific problems or to perform a computation. Algorithms are used as specifications for performing ...
s and simulated models, and innovating on processes and systems.
Harvard Business School Professor,
Michael Porter, asserts that today's economy is far more dynamic and that conventional notion of
comparative advantage
In an economic model, agents have a comparative advantage over others in producing a particular good if they can produce that good at a lower relative opportunity cost or autarky price, i.e. at a lower relative marginal cost prior to trade. C ...
s within a company has changed and is less relevant than the prevailing idea of
competitive advantage
In business, a competitive advantage is an attribute that allows an organization to outperform its competitors.
A competitive advantage may include access to natural resources, such as high-grade ores or a low-cost power source, highly skilled ...
s which rests on "making more productive use of inputs, which requires continual
innovation
Innovation is the practical implementation of ideas that result in the introduction of new goods or services or improvement in offering goods or services. ISO TC 279 in the standard ISO 56000:2020 defines innovation as "a new or changed enti ...
".
As such, the technical
STEM careers, including
computer scientists,
engineer
Engineers, as practitioners of engineering, are professionals who Invention, invent, design, analyze, build and test machines, complex systems, structures, gadgets and materials to fulfill functional objectives and requirements while considerin ...
s,
chemist
A chemist (from Greek ''chēm(ía)'' alchemy; replacing ''chymist'' from Medieval Latin ''alchemist'') is a scientist trained in the study of chemistry. Chemists study the composition of matter and its properties. Chemists carefully describe th ...
s,
biologist
A biologist is a scientist who conducts research in biology. Biologists are interested in studying life on Earth, whether it is an individual cell, a multicellular organism, or a community of interacting populations. They usually specialize ...
s,
mathematician
A mathematician is someone who uses an extensive knowledge of mathematics in their work, typically to solve mathematical problems.
Mathematicians are concerned with numbers, data, quantity, structure, space, models, and change.
History
On ...
s, and
scientific inventors will see continuous demand in years to come. Professor
Porter further argues that a well situated clusters (that is,
geographic concentrations of interconnected companies and institutions in a particular field) is vital with global economies, connect locally and globally with linked
industries,
manufacturers, and other entities that are related by skills, technologies, and other common inputs. Hence, knowledge is the catalyst and connective tissue in modern economies.
Ruggles and Holtshouse argue the change is characterised by a dispersion of power and by managers who lead by empowering
knowledge workers to contribute and make decisions.
With Earth's depleting natural resources, the need for green infrastructure, a logistics industry forced into
just-in-time deliveries, growing global demand, regulatory policy governed by performance results, and a host of other items high priority is put on knowledge; and research becomes paramount. Knowledge provides the technical expertise, problem-solving, performance measurement and evaluation, and data management needed for the trans-boundary, interdisciplinary global scale of today's competition.
Worldwide examples of the knowledge economy taking place among many others include:
Silicon Valley
Silicon Valley is a region in Northern California that serves as a global center for high technology and innovation. Located in the southern part of the San Francisco Bay Area, it corresponds roughly to the geographical areas San Mateo Cou ...
,
United States
The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country Continental United States, primarily located in North America. It consists of 50 U.S. state, states, a Washington, D.C., ...
; aerospace and automotive engineering in
Munich
Munich ( ; german: München ; bar, Minga ) is the capital and most populous city of the German state of Bavaria. With a population of 1,558,395 inhabitants as of 31 July 2020, it is the third-largest city in Germany, after Berlin and ...
,
Germany
Germany,, officially the Federal Republic of Germany, is a country in Central Europe. It is the second most populous country in Europe after Russia, and the most populous member state of the European Union. Germany is situated betwee ...
; biotechnology in
Hyderabad
Hyderabad ( ; , ) is the capital and largest city of the Indian state of Telangana and the ''de jure'' capital of Andhra Pradesh. It occupies on the Deccan Plateau along the banks of the Musi River, in the northern part of Southern Indi ...
,
India
India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the List of countries and dependencies by area, seventh-largest country by area, the List of countries and dependencies by population, second-most populous ...
; electronics and digital media in
Seoul
Seoul (; ; ), officially known as the Seoul Special City, is the Capital city, capital and largest metropolis of South Korea.Before 1972, Seoul was the ''de jure'' capital of the North Korea, Democratic People's Republic of Korea (North Korea ...
,
South Korea
South Korea, officially the Republic of Korea (ROK), is a country in East Asia, constituting the southern part of the Korea, Korean Peninsula and sharing a Korean Demilitarized Zone, land border with North Korea. Its western border is formed ...
;
petrochemical
Petrochemicals (sometimes abbreviated as petchems) are the chemical products obtained from petroleum by refining. Some chemical compounds made from petroleum are also obtained from other fossil fuels, such as coal or natural gas, or renewabl ...
and energy industry in
Brazil
Brazil ( pt, Brasil; ), officially the Federative Republic of Brazil (Portuguese: ), is the largest country in both South America and Latin America. At and with over 217 million people, Brazil is the world's fifth-largest country by area ...
. Many other cities and regions try to follow a knowledge-driven development paradigm and increase their knowledge base by investing in higher education and research institutions in order to attract high skilled labour and better position themselves in the global competition. Yet, despite digital tools democratising access to knowledge, research shows that knowledge economy activities remain as concentrated as ever in traditional economic cores.
The prevailing and future economic development will be highly dominated by the
technologies and network expansion, in particular on the knowledge-based
social entrepreneurship and the
entrepreneurship
Entrepreneurship is the creation or extraction of economic value. With this definition, entrepreneurship is viewed as change, generally entailing risk beyond what is normally encountered in starting a business, which may include other values t ...
as a whole. The Knowledge economy is incorporating the
network economy, where the relatively localised knowledge is now being shared among and across various networks for the benefit of the network members as a whole, to gain
economies of scale
In microeconomics, economies of scale are the cost advantages that enterprises obtain due to their scale of operation, and are typically measured by the amount of output produced per unit of time. A decrease in cost per unit of output enables ...
in a wider, more open scale.
Globalisation
The rapid
globalisation of economic activities is one of the main determinants of the emerging knowledge economy. While there are no doubts on the other stages of relative
openness in the global economy, the prevailing pace and intensity of globalisation are of an extent without precedent.
The fundamental
microeconomic forces are the significant drives of globalizing economic activities and further demands for
human intelligence. Forces such as the rapid integration of the world
financial and
capital market since the early 1980s, which influences essentially on each level of the
developed country's financial system
A financial system is a system that allows the exchange of funds between financial market participants such as lenders, investors, and borrowers. Financial systems operate at national and global levels. Financial institutions consist of complex, c ...
s; increased multinational origin of the inputs to productions of both
goods and services, technology transfers and information flow etc.
Technology
The technology requirements for a
national innovation system The National Innovation System (also NIS, National System of Innovation) is the flow of technology and information among people, enterprises and institutions which is key to the innovative process on the national level. According to innovation syst ...
as described by the
World Bank Institute must be able to disseminate a
unified process by which a working method may converge scientific and technology solutions, and organizational solutions. According to the World Bank Institute's definition, such
innovation
Innovation is the practical implementation of ideas that result in the introduction of new goods or services or improvement in offering goods or services. ISO TC 279 in the standard ISO 56000:2020 defines innovation as "a new or changed enti ...
would further enable the World Bank Institute's vision outlined in their
Millennium Development Goals.
Challenges for developing countries
The United Nations Commission on Science and Technology for Development report (UNCSTD, 1997) concluded that for developing countries to successfully integrate ICTs and
sustainable development
Sustainable development is an organizing principle for meeting human development goals while also sustaining the ability of natural systems to provide the natural resources and ecosystem services on which the economy and society depend. The ...
in order to participate in the knowledge economy they need to intervene collectively and strategically.
Such collective intervention suggested would be in the development of effective national ICT policies that support the new regulatory framework, promote the selected
knowledge production, and use of ICTs and harness their organizational changes to be in line with the
Millennium Development Goals. The report further suggests that developing countries to develop the required ICT strategies and policies for institutions and regulations taking into account the need to be responsive to the issues of convergence.
See also
*
Attention economy
Attention economics is an approach to the management of information that treats human attention as a scarce commodity and applies economic theory to solve various information management problems. According to Matthew Crawford, "Attention is a r ...
*
Automation
Automation describes a wide range of technologies that reduce human intervention in processes, namely by predetermining decision criteria, subprocess relationships, and related actions, as well as embodying those predeterminations in machines ...
*
Basic income guarantee
Universal basic income (UBI) is a social welfare proposal in which all citizens of a given population regularly receive an unconditional transfer payment, that is, without a means test or need to work. It would be received independently of an ...
*
Cognitive-cultural economy Cognitive-cultural economy or cognitive-cultural capitalism is represented by sectors such as high-technology industry, business and financial services, personal services, the media, the cultural industries. It is characterized by digital technolo ...
*
Computational knowledge economy
The computational knowledge economy is an economy 'where value is derived from the automated generation of knowledge.
The term was coined by Conrad Wolfram to describe the extension to the knowledge economy caused by ubiquitous access to automate ...
*
Digital Revolution
*
Digital economy
*
Endogenous growth theory
*
Frugal innovation
*
History of knowledge
*
Information economy
*
Indigo Era
*
Industrial espionage
*
International Innovation Index
The International Innovation Index is a global index measuring the level of innovation of a country, produced jointly by The Boston Consulting Group (BCG), the National Association of Manufacturers (NAM), and The Manufacturing Institute (MI), t ...
*
Internet economy
The digital economy is a portmanteau of digital computing and economy, and is an umbrella term that describes how traditional brick-and-mortar economic activities (production, distribution, trade) are being transformed by Internet, World Wide Web, ...
*
Information revolution
*
Information society
*
Know-how trading
Know-how trading is a web-based research and design phenomenon related to open innovation and crowdsourcing.http://stuff.mit.edu/people/evhippel/papers/Knowhow%20Trading.pdf Hippel on Know-How trading It denotes fee-based knowledge markets that tr ...
*
Knowledge Economic Index
*
Knowledge market
A knowledge market is a mechanism for distributing knowledge resources. There are two views on knowledge and how knowledge markets can function. One view uses a legal construct of intellectual property to make knowledge a typical scarce resource, ...
*
Knowledge organization
*
Knowledge management
Knowledge management (KM) is the collection of methods relating to creating, sharing, using and managing the knowledge and information of an organization. It refers to a multidisciplinary approach to achieve organisational objectives by making ...
*
Knowledge market
A knowledge market is a mechanism for distributing knowledge resources. There are two views on knowledge and how knowledge markets can function. One view uses a legal construct of intellectual property to make knowledge a typical scarce resource, ...
*
Knowledge policy
*
Knowledge production modes
*
Knowledge society
*
Knowledge tagging
*
*
Knowledge value chain A knowledge value chain is a sequence of intellectual tasks by which knowledge workers build their employer's unique competitive advantage and/or social and environmental benefit. As an example, the components of a research and development project ...
*
Learning economy
A learning economy is a society that values skills like assets, where learning and employment information is readily exchanged from institution to institution, and controlled by the learner and worker.
History of knowledge economies
Modern econ ...
*
Learning society
*
Liverpool Knowledge Quarter
The "Knowledge Quarter" in Liverpool, England is a modern term in business given to the vicinity of Liverpool city centre that focuses heavily on the education, knowledge and research sectors.
Background
Although an unofficial ensemble, the Kno ...
*
Long tail
*
Network economy
*
Precision agriculture
*
Productivity improving technologies (historical)
*
Purple economy
*
Smart city
*
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 inform ...
*
Working hours
Notes
Bibliography
*Arthur, W. B. (1996)
Increasing Returns and the New World of Business ''Harvard Business Review''(July/August), 100–109.
*Bell, D. (1974). ''The Coming of Post-Industrial Society: A Venture in Social Forecasting''. London: Heinemann.
*Drucker, P. (1969). ''The Age of Discontinuity; Guidelines to Our changing Society''. New York: Harper and Row.
*Drucker, P. (1993). ''Post-Capitalist Society''. Oxford: Butterworth Heinemann.
*Machlup, F. (1962). ''The Production and Distribution of Knowledge in the United States''. Princeton: Princeton University Press.
*Porter, M. E. Clusters and the New Economics of Competition. ''Harvard Business Review''. (Nov-Dec 1998). 77–90.
*Powell, Walter W. & Snellman, Kaisa (2004). "The Knowledge Economy". ''Annual Review of Sociology'' 30 (1): 199–220
*Rooney, D., Hearn, G., Mandeville, T., & Joseph, R. (2003). ''Public Policy in Knowledge-Based Economies: Foundations and Frameworks''. Cheltenham: Edward Elgar.
*Rooney, D., Hearn, G., & Ninan, A. (2005). ''Handbook on the Knowledge Economy''. Cheltenham: Edward Elgar.
*Stehr, Nico (2002). ''Knowledge and Economic Conduct. The Social Foundations of the Modern Economy''. Toronto: University of Toronto Press.
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External links
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Legal and Regulatory Issues in the Information Economy (Wikibook)
{{DEFAULTSORT:Knowledge Economy
Economics catchphrases
Information Age
Business terms
Social information processing