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The knowledge economy (or the knowledge-based economy) is the use of knowledge to create goods and services. In particular, it refers to a high portion of
The global economy transition to a knowledge economy is also referred to as the
A key concept of the knowledge economy is that knowledge and education (often referred to as "
It can be defined as:
[P]roduction and services based on knowledge-intensive activities that contribute to an accelerated pace of technical and scientific advance, as well as rapid obsolescence. The key component of a knowledge economy is a greater reliance on intellectual capabilities than on physical inputs or natural resources.
The initial foundation for the knowledge economy was introduced in 1966 in the book The Effective Executive by Peter Drucker. In this book, Drucker described the difference between the manual worker (page 2) and the
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