The key role of colleges and universities in the knowledge economy. To paul romer knowledge is the third factor of production and long term growth it is the basic form of capital and that economic growth is driven by its accumulation. The importance of knowledge creation for economic growth and prosperity. It is a new highquality stage in the development of civilization. In knowledge economy, a large portion of economic growth and. It is considered a fundamental economic shift that is currently in progress based on the observation that a large number of jobs have shifted to professions that require extensive knowledge and the ability to create new knowledge. A knowledge economy is an economy in which the production of goods and services is based primarily upon knowledge intensive activities. The hereby article opens with a compare and contrast analysis of the traditional economy versus the knowledge economy. The key component of a knowledge economy is a greater reliance on intellectual capabilities than on physical inputs or naturalresources. The economics are not of scarcity, but rather of abundance.
In knowledge economy knowledge is a public good, as this becomes object of wide use. Also, the article defines the ke, focusing on the debate existing on the subject of its key characteristics and components dimensions according to international forums, scholars. The overall purpose of this study is to investigate the suitability, applicability and impact. The knowledge economy is the creation of value using human intelligence. It can be argued that the knowledge economy differs from the traditional economy in several key respects.
Weprovideevidencedrawnfrompatentdatatodocumentanupsurge in knowledge production and show that this expansion is driven by the emergence of new industries. The knowledge economy there is no firm consensus on a definition of a knowledge economy. Its main goal is to master and widely use the information in all areas. Characteristics of knowledge and other factors that contribute to the crucial role that the knowledge economy plays in todays world.
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