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Knowledge Economy

This is using knowledge to come up with real and unreal values, particularly human knowledge has been used to simulate models and machines. Due to advancement in technology, it is possible to use support systems that are decision-based in different fields to induce economic growth, but this is not a warrant on knowledge economy it is also possible to do without technology.

It is seen that economy globally is transiting from agricultural and labor-intensive economies to the knowledge-based economy this is motivated by a fact that there more innovations and industrialization unlike depending on agriculture. The shift incorporates regulations that will establish an industrial based economy which will involve revisiting the globalized and integrated economies where resources such as expertise and trade secrets are critical.  

In knowledge economy, education and experience could be seen as;

  • A commercial enterprise of products, since goods and services resulting from innovation and education, could be exported to yield significant returns.
  • An asset of production

The major building blocks of knowledge economy are said to be;

  • Ability to simulate natural inputs capable of doing things brain involving rather than relying on physical ones.
  • Activities that lead to advancement in technology and science, for example, modeling and simulation.

In such an economy we have a knowledge worker, who can produce information and ideas, but manual working, on the contrary, is involving since things are done with the hands but experience working, the head is the primary tool.