The Knowledge Economy: The Present Future

Constantin Bratianu ()
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Constantin Bratianu: Bucharest University of Economic Studies

Management Dynamics in the Knowledge Economy, 2017, vol. 5, issue 4, 477-479

Abstract: However, a close look at the developed economies demonstrates that the Knowledge Economy is already here, shaping our present time. Although there are many definitions of this new economic framework, their core content stresses the importance of data, information, and knowledge in the production of goods and delivering services in creating value for society. For instance, Powell and Snellman (2004, p.1999) define the knowledge economy as “production and services based on knowledge-intensive activities that contribute to an accelerated pace of technical and scientific advance, as well as a rapid obsolescence. The key component of the knowledge economy is a greater reliance on intellectual capabilities than on physical inputs or natural resources”. In the knowledge economy, knowledge becomes a strategic resource (Davenport & Prusak, 2000; Nonaka & Takeuchi, 1995) and knowledge strategies contribute directly to the competitive advantage (Bratianu & Bolisani, 2015). In this new economy, data, information, and knowledge are the driving forces of development and the knowledge economy is the engine of the global economy growth.

Keywords: knowledge economy; knowledge strategies. (search for similar items in EconPapers)
Date: 2017
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