The Case for a Knowledge Economy
Innovation and knowledge have always been important to the economy. Today, there is growing recognition that the global economy is increasingly driven by “knowledge” rather than the traditional factors of production. Some economists even argue that the modern economy, during the past few decades, has become more knowledge-based. This is shown by the rise in high-tech industries, the growth of the service sector, rise in self-employment and an increase in the number of patents. Education, science, technology and innovation are the cornerstone for a country’s socio-economic development in today’s modern world and a country can transform into a knowledge economy by focusing on these four key pillars.
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