Question
Knowledge economy
Answer :
Word Count : 561
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The knowledge economy is an economic system in which the creation, acquisition, dissemination and effective use of knowledge become the major sources of economic growth, productivity and social development. Unlike the traditional economy, which depends heavily on land, labour and physical capital, the knowledge economy gives greater importance to information, innovation, education, skills, research, technology and intellectual capabilities. In the context of Information, Communication and Society, it highlights how information and communication technologies (ICTs) have transformed the production, distribution and application of knowledge. The growth of the knowledge economy is closely associated with the development of computers, the Internet, telecommunications, digital platforms and other information technologies. These technologies have made it possible to collect, store, process and transmit enormous quantities of information at very high speed and comparatively low cost. Knowledge can now be shared across geographical boundaries, enabling individuals, businesses, educational institutions and governments to collaborate globally. Digital communication has therefore become an essential infrastructure of modern economic activity. Education and human skills constitute the foundation of a knowledge economy. A skilled and educated population is capable of generating new ideas, adopting technologies and solving complex problems. Universities, research institutions, libraries and professional organisations play an important role in creating and circulating knowledge. Lifelong learning has also become increasingly significant because technological and occupational changes require workers to continuously update their skills. Innovation
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