The Knowledge Economy

Knowledge economies are those directly based on the production, distribution and use of knowledge and information. This is reflected in the trend in economies towards growth in high-technology investments, high-technology industries, more highly-skilled labour and associated productivity gains. Although knowledge has long been an important factor in economic growth, economists are now exploring ways to incorporate more directly knowledge and technology in their theories and models.

In addition to knowledge investments, knowledge distribution through formal and informal networks is essential to economic performance. Knowledge is increasingly being codified and transmitted through computer and communications networks in the emerging “information society”. Bluntly, we see the emergence of the knowledge economy as a revolution. It has radically reinvented what it means to create value in the market. It has been tantamount to a worker's revolution, where labour power has, for those equipped to engage with codified knowledge and identify and solve problems, or innovate, been replaced with the emergence, in our lights at least, of the human capitalist.

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