I had never heard of knowledge economics before being assigned this term for this blog post, so I just typed it into Google and the first definition that came up was “an economy in which growth is dependent on the quantity, quality, and accessibility of the information available, rather than on the means of production”, which isn’t the easiest definition to digest. Wikipedia helped me out a bit more, defining a knowledge economy in more broad terms, saying it is an economy using knowledge to create useful growth.
Another website I found, investopedia.com, compared different types of economies to a knowledge economy. It talks about how lesser developed nations often have agriculturally based economies, while more developed countries have service based economies. It gives examples of things found in a knowledge based economy, some of them being research and technology. I think this shows that more developed nations are able to focus on things that are not necessarily essential to survival, such as technology, because it does not have to focus all its time and effort into survival.
The site also talks about the importance of education in a knowledge economy, calling it “human capital” because down the line, well educated citizens will typically contribute positively, with their knowledge, to the economy. It also talks about something called manual and knowledge workers. A manual worker does physical labor, while a knowledge worker uses problem solving skills and ideas to contribute to the economy and society.
An article I found relayed information found in a survey done by the Pew Research Center that discussed what incentives workers have to become “learners” and be active participants in a knowledge economy. It talks about how the great recession in 2008 made people re evaluate their skills, as many people had done one job their whole life and therefore had a hard time finding more work if they were let go. Being a knowledge worker in a knowledge economy is very beneficial in this instance, because you have more than a physical skill to rely on-you also have your thoughts and ideas, which are technically always with you and makes you a more versatile worker.