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The first wave was the Agricultural Age with wealth defined as ownership of land. In the second wave, the Industrial Age, wealth was based on ownership of Capital, i.e. factories. In the Knowledge Age, wealth is based upon the ownership of knowledge and the ability to use that knowledge to create or improve goods and services.
The production of knowledge before the Scientific Revolution had little economic impact and was practiced on a small scale. Since that time knowledge has become one of the largest and most important industrial sectors in world commerce. The emergence of knowledge as an industry has been essential in perpetuating the modern capitalist system.
The knowledge economy, or knowledge-based economy, is an economic system in which the production of goods and services is based principally on knowledge-intensive activities that contribute to advancement in technical and scientific innovation. [1]
This can have a profound effect on both the quality of the service delivered as well as the client's ultimate satisfaction with the knowledge-based service solution. By strategically managing client co-production, service providers can improve operational efficiency, develop more optimal solutions [ sic ], and generate a sustainable competitive ...
The quaternary sector of the economy is based upon the economic activity that is associated with either the intellectual or knowledge-based economy. [1] This consists of information technology; media; research and development; information-based services such as information-generation and information-sharing; and knowledge-based services such as consultation, entertainment, broadcasting, mass ...
Knowledge-intensive services can be described as activities that are based on knowledge and know-how resources and are service oriented. This is a more descriptive concept than a specific industry: the information creates value for different stakeholders.
The knowledge-based theory of the firm, or knowledge-based view (KBV), considers knowledge as an essentially important, scarce, and valuable resource in a firm. [1] [2] According to the knowledge-based theory of the firm, the possession of knowledge-based resources, known as intellectual capital, is essential in dynamic business environments. [3]
Knowledge sharing (fostering a culture that encourages the sharing of information, based on the concept that knowledge is not irrevocable and should be shared and updated to remain relevant) Make knowledge-sharing a key role in employees' job description; Inter-project knowledge transfer; Intra-organisational knowledge sharing