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The knowledge economy, or knowledge-based economy, is an economic system in which the production of goods and services is based principally on knowledge-intensive activities that contribute to advancement in technical and scientific innovation. [1] The key element of value is the greater dependence on human capital and intellectual property as ...
Knowledge-Based Decision-Making (KBDM) in management is a decision-making process [2] that uses predetermined criteria to measure and ensure the optimal outcome for a specific topic. KBDM is used to make decisions by establishing a thought process and reasoning behind a decision. [3] It gathers vital background essentials [4] to collectively ...
Library and information science. Knowledge management (KM) is the collection of methods relating to creating, sharing, using and managing the knowledge and information of an organization. [1] It refers to a multidisciplinary approach to achieve organizational objectives by making the best use of knowledge. [2]
Innovation economists believe that what primarily drives economic growth in today's knowledge-based economy is not capital accumulation as neoclassical economics asserts, but innovative capacity spurred by appropriable knowledge and technological externalities. Economic growth in innovation economics is the end-product of: [5] [6]
v. t. e. Information economics or the economics of information is the branch of microeconomics that studies how information and information systems affect an economy and economic decisions. [1] One application considers information embodied in certain types of commodities that are "expensive to produce but cheap to reproduce." [2]
The knowledge-based theory of the firm, or knowledge-based view (KBV), considers knowledge as an essentially important, scarce, and valuable resource in a firm. [1][2] According to the knowledge-based theory of the firm, the possession of knowledge-based resources, known as intellectual capital, is essential in dynamic business environments. [3]
Knowledge organization (management) A knowledge organization is a management idea, describing an organization in which people use systems and processes to generate, transform, manage, use, and transfer knowledge -based products and services to achieve organizational goals.
Knowledge market. A knowledge market is a mechanism for distributing knowledge resources. [1] There are two views on knowledge and how knowledge markets can function. [2] One view uses a legal construct of intellectual property to make knowledge a typical scarce resource, so the traditional commodity market mechanism can be applied directly to ...