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Knowledge Based Economy (KBE)
For the last two hundred years, neo-classical economics has recognized only two factors of production: labor and capital. This is now changing. Information and knowledge are replacing capital and energy as the primary wealth-creating assets, just as the latter two replaced land and labor 200 years ago. In addition, technological developments in the 20th century have transformed the majority of wealth-creating work from physically-based to "knowledge-based. Technology and knowledge are now the key factors of production. With increased mobility of information and the global work force, knowledge and expertise can be transported instantaneously around the world, and any advantage gained by one company can be eliminated by competitive improvements overnight. The only comparative advantage a company or institution will enjoy will be its process of innovation--combining market and technology know-how with the creative talents of knowledge workers to solve a constant stream of competitive problems--and its ability to derive value from information. We are now an information society in a knowledge economy where knowledge management is essential.
 
  A KBE is a broader concept than an Information Society (IS)
 
 
  • IS concerns the production, handling and distribution of information or codified knowledge
  • KBE concerns the learning of both the codified knowledge and the competencies to this information
  • The term KBE first coined by OECD (1996) Economies which are directly based on the production, distribution and use of knowledge and information
  • APEC definition (2000) In a KBE, the production, distribution and uses of knowledge is the main drivers of growth, wealth creation and employment across all industries
TI Group is helping to develop capacity for KBE in the following areas:
 
  • Innovation System: R & D, patents, Research Output, technological Transfer and output and development of Innovation Culture.
  • Human resource Development: Entrepreneurship, investment in human capital, Knowledge workers tools.
  • Infrastructure: Connectivity, Research Parks, Incubators
  • Business Environment: Government-University-Private Sector partnerships, Globalization, Simplified transactions and efficiencies, automation.
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