Knowledge Economy | Arslan Zahid Khan | Current Affairs |
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- Опубліковано 1 лют 2022
- #CSS #ArslanZahidKhan #Current Affairs
The knowledge economy is focused on the essential importance of human capital in the 21st-century economy. The rapid expansion of knowledge and the increasing reliance on computerization, big data analytics, and automation are changing the economy of the developed world to one that is more dependent on intellectual capital and skills, and less dependent on the production process.
The term “knowledge economy” was popularized by famed business management consultant, Peter Drucker, first in his 1966 book, “The Effective Executive,” and then further in his 1969 book, “The Age of Discontinuity.” Drucker was well ahead of his time with his emphasis on knowledge/skills, data analysis and measurable performance, and strategic management by objectives (MBO).
The knowledge economy, which is the primary economy among developed nations, is an economy dependent on human capital and intangible assets, such as proprietary technology.
The knowledge economy has placed the IT/ICT industries at the forefront of overall economic growth.
Skill sets that include data analysis, creating and working with financial models, and the ability to innovate are highly sought after in the modern economy.
A Change in Skill Requirements and a Shift in Assets
The knowledge economy is characterized by the presence of a higher percentage of highly skilled employees whose jobs require special knowledge or skills. Unlike in the past, when the economy depended heavily on unskilled labor jobs and consisted primarily of producing physical goods, the modern economy is comprised more of services industries and jobs that require thinking and analysis of data.
The modern economy is also known as the post-industrial economy or the information economy - a reference to the central importance of information technology (IT) in the economies of developed nations.
In the new knowledge economy, the most valuable assets that a company owns are often intangible assets - such as patents, copyrights, or proprietary software or processes. It is in contrast to previous economic epochs - the agrarian economy, where land was usually the primary asset, and the industrial economy, where manufacturing plants and equipment were key assets for most businesses.
The knowledge economy both supports, and is fueled by, innovation, research, and rapid technological advancement. The overwhelming majority of workers in the knowledge economy are extremely computer literate and skilled at creating business and financial models. There is an increasing emphasis on data collection and analysis, and on the development of algorithms and artificial intelligence (AI).
Harvard Business School professor, Michael Porter, the creator of Porter’s Five Forces Model for business analysis, argues that in today’s economy, the ability of a business to develop and maintain a competitive advantage in the marketplace is more and more dependent on its ability to quickly adapt to an ever-changing world by using continual innovation in its processes and business systems. Research and development projects absorb an increasing percentage of a company’s resources.
There is a back-and-forth between research centers, universities, and think tanks, and the businesses that utilize their discoveries. In turn, the emphasis on knowledge and innovation in the business world spurs further and more rapid growth in information and data analysis and manipulation in the academic world.The knowledge economy is considered the primary driver of the massive expansion of what is known as STEM jobs. STEM is short for “science, technology, engineering, and mathematics.” Careers within the STEM fields - which includes occupational paths such as computer science, engineering, chemistry, and biology - are where many of the greatest opportunities for career advancement, higher compensation, and top-level executive positions can be found.
The bottom line is that knowledge provides the foundation for the necessary technical expertise, data collection and analysis skills, and innovative management practices that enable companies and businesses to compete in the modern, global economy. Specialized knowledge and skills may serve as either productive assets for a business to employ, or as products for a business to market and sell.
Another characteristic of the knowledge economy is the development of “clusters” of industries that are centered in a particular geographic area. Examples include the concentration of automotive engineering businesses in Germany, computer technology in “Silicon Valley” in the United States, and the electronics industry in South Korea.
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Zabardast
I am indian well explanation 👍
Splendid..! Ye wo Topics he joke koi bhi highlight nh karta specially hamare youtube channels pe is cheez ki kafi dearth he .. much needed thankyou Sir
Thank you sir
Mashallah aap jese log sarmaya hain hamary mulk ka na k shaheen aur ghori mizaeel...
Zabrdast sir, thank you so much for the informative video lectures.
Great sir
Sir, Initiative of book reviewing is really great. ♥️ Thanks for this service and hoping for more knowledge, awareness and learning from you. ♥️
Jazak Allah Sir for given us consequential lecture.
Sir you are amazing. Please never stop. And upload Many videos you can.
Itss really awsome plateform ...
Great lecture as always!
you are excellent teacher
Please Keep making such videos.
Thank you sir..we need more videos same like that
🖤🖤🖤🖤
Splendid.
In addition to it, case studies - South Korea and Singapore - regarding knowledge economy that case studies are directly hitting on this topic.
Excellent Work ❤️
You are Gem I must say.
Excellent 👍👍
Superb.
Amazing sir,keep it up
Please complete the syllabus before the css exam
Religious tolerance is the great necessity of the time
Keep it on.
Good work sir
thank you Dear sir !☆☆☆■
Zbd10
Thanku so much sir
very informative
Carry on bro.
✨
❤️❤️❤️❤️❤️
That’s whole essay. Thanks
Sir Arslan Zahid Khan please explain in detail one concept because in next month there is our paper about it that
Concept of economics in international relation and how it is used as a tactics????
Sir please make a video on single national curriculum.
ua-cam.com/video/hDmt94XPV4I/v-deo.html
Koi accha tax system bano aap log inshallah tabhi aage badho ge I'm from India
my question is still this initiative working ? if yes what is the output of this ? this is the need of time i couldnt find any thing regarding this if sir you or anybody else have any informatio regarding this kindly let me know thank you
AOA sir i just want to request please provide the source's as well in the video of any information u are sharing with all of us, i believe its authentic but in for students aspiring to be appear in superior service exams, it is highly required so please i expect u would response
😊
Can anyone tell me, after the termination of PM Imran Khan what has happened to these initiatives? Are they still going on or.....?
Sir,can we add reference of Atif mian css paper??
Yes, your country is weak because of your politicians.
You talked about madrssa student that they are not taking part in prosperity of Pakistan.
It's totally wrong.
You must visit Pakistan's top public and private universities graduate from madrssa student are faculty member of top universities.
A huge number of madrassa student also serving in Islamic Banking sector not only in Pakistan but also in the middle East.
Islamic Banking system also come in existence also by a madrassa student.
We all are Pakistanies and we all together make it more prosper.inshAllah
Exactly