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11 Examples of the Knowledge Economy

 , updated on January 26, 2018
The knowledge economy is the creation of value using human intelligence. It is considered a fundamental economic shift that is currently in progress based on the observation that a large number of jobs have shifted to professions that require extensive knowledge and the ability to create new knowledge. The following are illustrative examples of the knowledge economy.

Design

Creating new products, services, environments and experiences. For example, the design of a themed restaurant interior.

Engineering

A branch of design that requires extensive knowledge of math and science such as the design of a new type of high speed train.

Information Technology

Creating and operating systems that automate things and applications that people use. For example, a software developer who creates tools for organizing and exploring data.

Business Processes

Analysis and improvement of business processes. For example, a manufacturing manager who uses management accounting to discover improvements to efficiency and quality on a production line.

Marketing

Marketing including promotion, product development, distribution and sales. For example, a creative individual who designs advertisements to engage and inspire customers.

Customer Experience

Developing and delivering customer experience such as a hotel manager who is continually improving customer service.

Research & Development

Intensive processes of discovering new knowledge or developing new value such as a startup that invents a new business model.

Media

The development of information and entertainment such as movies, videos, books, newspapers, magazines, blogs and games.

Education

The knowledge economy is based on an educated workforce whereby learning is viewed as a lifelong process. This represents a shift in education from systems that encourage memorization and conformity to education based on discovery, problem solving and design.

Culture

Culture related industries in areas such as art, performance art, architecture, history and cuisine. For example, an expert in the history of an area who is involved in developing the region's tourism industry. Culture is a vibrant area of the knowledge economy because there is little interest in automating human pursuits such as art and fine cuisine.

Craft

Products and services based on the skill of an artisan. This is a common way to compete with a larger, highly automated competitor. For example, a farmer who produces an artisanal crop recognized for its superior quality doesn't directly compete with commodity producers.

Notes

It is a common myth that the knowledge economy is confined to developing new intellectual property such as patents. Generally speaking, any profession that produces new knowledge can be viewed as part of the knowledge economy.
Overview: Knowledge Economy
Type
Definition (1)
The creation of value using human intelligence.
Definition (2)
An economic shift whereby value is mostly created by mental processes as opposed to manual processes.
Related Concepts

Knowledge

This is the complete list of articles we have written about knowledge.
A Posteriori
A Priori
Anti-Information
Artifact
Artificial Knowledge
Background Knowledge
Body Of Knowledge
Classification
Data
Defensive Publication
Disinformation
Dispersed Knowledge
Domain Knowledge
Filter Bubble
Half-life Of Knowledge
Independent Knowledge
Information
Information Asymmetry
Know-how
Knowledge
Knowledge Capital
Knowledge Economy
Knowledge Gap
Knowledge Loss
Knowledge Management
Knowledge Processes
Knowledge Product
Knowledge Quality
Knowledge Use
Knowledge Velocity
Knowledge Waste
Known Unknowns
Meta Knowledge
Myth
Originality
Pessimistic Induction
Prior Art
Qualitative Data
Situated Knowledge
Storytelling
Tacit Knowledge
Traditional Knowledge
Types Of Knowledge
Uncertainty Principle
Understanding
Unknown Unknowns
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