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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.
Creating new products, services, environments and experiences. For example, the design of a themed restaurant interior.EngineeringA branch of design that requires extensive knowledge of math and science such as the design of a new type of high speed train.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.
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 including promotion, product development, distribution and sales. For example, a creative individual who designs advertisements to engage and inspire customers.
Developing and delivering customer experience such as a hotel manager who is continually improving customer service.Intensive processes of discovering new knowledge or developing new value such as a startup that invents a new business model.
The development of information and entertainment such as movies, videos, books, newspapers, magazines, blogs and games.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 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.
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.NotesIt 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.|
| 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
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