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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.
He describes knowledge-based opportunities as distinct from (classical) resource-based opportunities; unfortunately, there is no clear definition of a knowledge-based opportunity which makes it difficult to demarcate, as all opportunities except for purely spontaneous action or intuition-based opportunities are somehow knowledge based.
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]
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.
Knowledge management products adopted the term "knowledge-base" to describe their repositories but the meaning had a big difference. In the case of previous knowledge-based systems, the knowledge was primarily for the use of an automated system, to reason about and draw conclusions about the world.
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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 ...