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The Knowledge Economy: The Present Future

Author

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  • Constantin BRATIANU

    (Bucharest University of Economic Studies)

Abstract

However, a close look at the developed economies demonstrates that the Knowledge Economy is already here, shaping our present time. Although there are many definitions of this new economic framework, their core content stresses the importance of data, information, and knowledge in the production of goods and delivering services in creating value for society. For instance, Powell and Snellman (2004, p.1999) define the knowledge economy as “production and services based on knowledge-intensive activities that contribute to an accelerated pace of technical and scientific advance, as well as a rapid obsolescence. The key component of the knowledge economy is a greater reliance on intellectual capabilities than on physical inputs or natural resources”. In the knowledge economy, knowledge becomes a strategic resource (Davenport & Prusak, 2000; Nonaka & Takeuchi, 1995) and knowledge strategies contribute directly to the competitive advantage (Bratianu & Bolisani, 2015). In this new economy, data, information, and knowledge are the driving forces of development and the knowledge economy is the engine of the global economy growth.

Suggested Citation

  • Constantin BRATIANU, 2017. "The Knowledge Economy: The Present Future," Management Dynamics in the Knowledge Economy, College of Management, National University of Political Studies and Public Administration, vol. 5(4), pages 477-479, December.
    • Handle: RePEc:nup:jrmdke:v:5:y:2017:i:4:477-479
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    References listed on IDEAS

    as
    1. Constantin Bratianu & Simona Vasilache & Ionela Jianu, 2006. "In search of intelligent organizations," Management & Marketing, Economic Publishing House, vol. 1(4), Winter.
    2. Constantin Bratianu & Simona Vasilache, 2009. "Evaluating linear-nonlinear thinking style for knowledge management education," Management & Marketing, Economic Publishing House, vol. 4(3), Autumn.
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    Keywords

    knowledge economy; knowledge strategies.;

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