What is knowledge economy ?

The term knowledge economy refers to that sector of the economy primarily focused on knowledge-intensive activities of an economy- there is a high degree of dependence on human capital in terms of their intellectual capacities. The knowledge economy comprises high technology manufacturing of products and service providers in computer, aerospace, fintech, electronics, information technology, communication, insurance etc.

A knowledge economy is driven by knowledge and information as the main factor for an increase in productivity. There is exponential growth in the technology-related sectors relative to other sectors employing more manual labour- for instance, information technology, software, data analytics, education technology, technology in finance, telemedicine and other knowledge dependent industries.

The speed with which matters moved in a traditional economy is much slower than the pace existing in a knowledge economy- this is because the barriers of space and time have ceased to exist. Better know-how of the matters often gives players the first-mover advantage.

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