Knowledge economy

economic-dictionary

The knowledge economy, also known as the knowledge economy, is a type of sector of the economy that tries to generate wealth and value using information and transforms it into knowledge.

The knowledge economy, in this sense, refers to sectors such as education, research and development, data processing, nanotechnology, as well as many other sectors.

Thus, the knowledge economy is one of the main sources of added value. This is because it does not generate wealth as such, but rather provides advantages to another series of goods and services that, through the knowledge economy, are improved and perfected.

The knowledge economy, since the end of the 20th century, has presented a higher volume of investment than other sectors.

What sectors are part of the knowledge economy?

This economy integrates a series of sectors that, due to their activity, are part of said economic sector. In this sense, sectors that are very avant-garde, as well as others that are more traditional. However, they are all related in the sense that they are responsible for transforming intangibles into tangible ones.

In this line, the main sectors that this sector presents are:

  • Nanotechnology.
  • Data treatment.
  • Education.
  • Investigation and development.
  • Aerospace industry.
  • Computing.
  • Robotics
  • Telecommunications

As we can see, we are talking about sectors that are closely related to technology.

Differences between knowledge economy and orange economy

The knowledge economy is closely related to the orange economy. So we are referring to two concepts that, in practice, can occur simultaneously, although, technically, they represent only similar things.

The orange economy refers to a cultural economy, where ideas become tangible with added value. In this sense, the orange economy is centered, as indicated by the Inter-American Development Bank (IDB), on an economy that focuses solely and exclusively on the cultural and creative sector.

However, the knowledge economy not only encompasses the orange economy, but also presents many other activities that are highly integrated into the economy. In this line, we are referring to activities that, such as data processing, become a very useful tool. Thus, we could say that the orange economy is part of the knowledge economy, since it encompasses all of this.

Objectives of the knowledge economy

Among the objectives pursued by the knowledge economy we can highlight several aspects. Aspects such as innovation, improvement, evolution, are some of these objectives that make the knowledge economy a much needed study. Thanks to this economic sector, the economy has been able to develop steadily. These sectors are sectors that are in continuous evolution, so the intangibles they extract generate added value to society.

In this line, smartphones, artificial intelligence, robotics, everything related to this aspect, has been possible thanks to the knowledge economy. If not for the innovation it generates, many of the great advances that have occurred throughout history would not have been possible. Especially if we take into account that education is one of the main sectors within this economy. An education that, if we had not had it, we could not speak of human development.

Tags:  administration Commerce banks 

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