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The knowledge economy is the use of knowledge (savoir, savoir-faire, savoir-etre) to generate tangible and intangible values. Technology and in particular knowledge technology (Artificial Intelligence) help to transform a part of human knowledge to machines. This knowledge can be used by decision support systems in various fields and generate economic values. Knowledge economy is also possible without technology.[1] The phrase was popularized by Peter Drucker as the title of Chapter 12 in his book The Age of Discontinuity, And, with a footnote in the text, Drucker attributes the phrase to economist Fritz Machlup and its origins to the idea of "scientific management" developed by Frederick Winslow Taylor.[2] Other than the agricultural-intensive economies and labor-intensive economies, the global economy is in transition to a "knowledge economy",[3][4][5][6][7][8][9] as an extension of an "information society" in the Information Age led by innovation,[10] such as providing the development platform for engineering physics. The transition requires that the rules and practices that determined success in the industrial economy need rewriting in an interconnected, globalized economy where knowledge resources such as know-how and expertise are as critical as other economic resources. |
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