Knowledge services is an emerging concept that integrates knowledge management, a knowledge organization, and knowledge markets. Knowledge services are programs that provide content-based (data, information, knowledge) organizational outputs (e.g., advice, answers, facilitation), to meet external user wants or needs. Knowledge services are delivered through knowledge markets.
The knowledge economy is the use of knowledge to create goods and services. In particular, it refers to a high portion of skilled workers in the economy of a locality, country, or the world, and the idea that most jobs require specialized skills. In particular, the main personal capital of knowledge workers is knowledge, and many knowledge worker jobs require a lot of thinking and manipulating information as opposed to moving or crafting physical objects. It stands in contrast to an agrarian economy (where the primary activity is subsistence farming for which the main requirement is manual labor) or an industrialized economy (which has mass production but where most jobs are relatively unskilled). Knowledge economy emphasizes the importance of skills in a service economy, the third phase of economic development, also called a post-industrial economy. It is related to the terms information economy, which emphasizes the importance of information as non-physical capital, and digital economy, which emphasize the degree to which information technology facilitates trade. For companies, intellectual property such as trade secrets, copyrighted material, and patentedprocesses become more valuable in a knowledge economy than in earlier eras.
A key concept of the knowledge economy is that knowledge and education (often referred to as "human capital") can be treated as one of the following two:
It can be defined as:
[P]roduction and services based on knowledge-intensive activities that contribute to an accelerated pace of technical and scientific advance, as well as rapid obsolescence. The key component of a knowledge economy is a greater reliance on intellectual capabilities than on physical inputs or natural resources.
The technology requirements for an Innovative System as described by the World Bank Institute must be able to disseminate a unified process by which a working method may converge scientific and technology solutions, and organizational solutions. According to the World Bank Institute‘s definition, such innovation would further enable the World Bank Institute‘s vision outlined in their Millennium Development Goals.
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