Knowledge Economy (Intelletual Economy)

By: EconomyWatch   Date: 23 November 2010

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The knowledge economy is based on the idea that intellectual capital, human capital and innovation are the driving forces of emerging industry. This is opposed to the more traditional views of economies that are based on the extraction, processing, distributing, and selling of raw materials.

 

Increasingly, the knowledge economy is becoming a reality. One person's ideas can be formulated and built into a sizeable business or even an empire, without having to deal with high barriers to entry and large capital expenses previously needed to start a business.

There are thousands of knowledge-based businesses which have become successful, and many of them are online. Examples include:

  • Google
  • Facebook
  • Amazon.com
  • Yahoo!
  • eBay

One such example is Singapore, which welcomes knowledge-based industry. Such industries can further the nation's economy by leveraging intellectual capital and human capital despite the country's very limited geographic features. Such industries include:

  • Finance
  • Law
  • Media
  • Consulting
  • Education

 

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