An economy characterised by the recognition of knowledge as a source of competitiveness, the increasing importance of science, research, technology and innovation in knowledge creation, and the use of computers and the Internet to generate, share and apply knowledge.
an economy where the main value is knowledge instead of power or money
An economy where knowledge contributes significantly to the generation of wealth.
An economy that is driven by Ideas and knowledge, rather than material resources; an economy in which the keys to job creation and higher standards of living are innovation and technology embedded in services and manufactured products. In this economy, risk, uncertainty, and constant change are the rule, rather than the exception. The raw resources of the knowledge economy are information, and people with the skills to continuously convert information into new knowledge, products, and services through innovative thinking.
Using the generation and exploitation of knowledge as a predominant player in the creation of wealth.
An economy in which knowledge plays a predominant part in the creation of wealth.
the new economies based on the processing of knowledge and information using telecommunications.
An economy based on the development of information and dominated by specialised, sophisticated industries such as computers, pharmaceuticals or consulting services.
The term 'knowledge economy' recognises the key role of knowledge - the creative, sharing and use of it - building a country's prosperity and well-being. Broadly, it means moving from an economy based on commodities to one which uses knowledge and information to add greater value to services and products.
While there is no single, commonly accepted definition of the Knowledge Economy, Axia uses the term to refer to the current global shift toward sharing knowledge and learning to drive economic production and personal growth. Traditionally, economic growth was driven by physical production – workers used their hands more than their heads. In the Knowledge Economy, information-sharing and lifelong learning are key to countries’ increased productivity and prosperity.
A knowledge economy is either economy of knowledge focused on the economy of the producing and management of knowledge, or a knowledge-based economy. In the second meaning, more frequently used, it is a phrase that refers to the use of knowledge to produce economic benefits. The phrase was popularised if not invented by Peter Drucker as the heading to chapter 12 in his book The Age of Discontinuity Peter Drucker, (1969).
