Friday, 1 December 2017
The idea that knowledge plays an important role in economy is not a new one. Modern economists, in their search for the foundations of economic growth, have come to approach knowledge as having more direct functions in production. Global economies recognize this, turning their attentions in the past two decades to the so-called “knowledge-based economy”, emphasizing the production, distribution, and use of knowledge. OECD estimates that even before the 21st century, knowledge-intensive sectors such as education, communications and information accounted for more than half of major OECD economies’ GDP. Countries emerging from the global financial crisis, such as the UK,…
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