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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]
Articles in economics journals are usually classified according to JEL classification codes, which derive from the Journal of Economic Literature.The JEL is published quarterly by the American Economic Association (AEA) and contains survey articles and information on recently published books and dissertations.
Knowledge Management Research & Practice is a quarterly peer-reviewed academic journal covering all aspects of knowledge management, organisational learning, intellectual capital, and knowledge economics. It is an official journal of the Operational Research Society.
The quintuple helix views the natural environments of society and the economy as drivers for knowledge production and innovation, thus defining socio-ecological opportunities for the knowledge society and knowledge economy, such as innovation to address sustainable development, including climate change. [25]
The knowledge industry is the main creator of needs in modern economic systems and thus plays a vital role in such systems. [3] Though knowledge industries had been emerging as an important sector of the modern economy, it was not until the 1960s that much study was done on knowledge as a resource or on the roles it plays in industry.
The concept of cognitive-cultural economy has been associated with 'post-Fordism', the 'knowledge economy', the 'new economy' and highly flexible labor markets. As Fordist mass production began to wane after the mid to late 1970s in advanced capitalist countries, a more flexible system of productive activity began to take its place.
Toffler (1990) [full citation needed] observed that typical knowledge workers (especially R&D scientists and engineers) in the age of knowledge economy must have some system at their disposal to create, process and enhance their own knowledge. In some cases they would also need to manage the knowledge of their co-workers.
Regarded as a seminal work, [6] [7] [8] "The Use of Knowledge in Society" was one of the most praised [9] and cited [10] articles of the twentieth century. The article managed to convince market socialists and members of the Cowles Commission (Hayek's intended target) and was positively received by economists Herbert A. Simon, Paul Samuelson, and Robert Solow.
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