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Knowledge Economy: What is it?

knowledge economy economia della conoscenza

Increasing access to digital technologies could radically transform global economies. Even those developing. Much has been talked in the Human Resources Forum, bin these days, in Milan. In particular, it was emphasized the so-called knowledge economy, but what is it?

Over the millennia, there have been various economic transitions in the history of the world. And all have radically changed the way of life and well-being. Now, a new economic transition is coming and is closely connected with the business management and managing human resources. We’re talking, of course, of knowledge economy. Directly related to the current digital age.

Knowledge Economy: information is equal prosperity!

In the past, the work force and the exploitation of natural resources represented the engines of economic growth and social humanity. Today, companies instead exploit the reading of data, in search of riches. It may well say that the information is the future source of prosperity for society, but primarily for companies.

The term Knowledge Economy was coined in the sixties to describe the transition from traditional economies to those based on information, in fact. Where the production and knowledge are fundamental.

Thanks to this new system, employers and employees can start using the information to improve the working environment.

We live in a world where rapid access to information is vital.

For this reason, at present, the technological development is the focus of an increasing number of business strategies.

However, more than a new economic system, the Knowledge Economy is, for many, still ideology elusive. A culture.

The four pillars of the Knowledge Economy

According to the World Bank, the Knowledge Economy is built on four basic assumptions:

  1. incentives to entrepreneurship and the use of information by the institutional structures
  2. qualified workforce and good education systems
  3. access to new technologies
  4. innovation in academia, the private sector and civil society

Based on these criteria, all OECD countries are moving to become knowledge economies.

The result is a future trend for companies to fully focus on data processing strategic systems.

As mentioned above, the knowledge economy subject was extensively discussed also during the annual Forum of human resources.

For more information on the possibilities for improvement for your business, contact our professionals today. We can help you achieve innovation and success and change the work culture.


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