06 February 2023
What is a knowledge economy?
If you are preparing for an interview or in the process of writing your resume to send out to recruiters, there are some buzzwords you may come across in your research process. If you have heard the about ‘knowledge economy’ and don’t know what it is about, you have come to the right place.
Wiki succinctly describes Knowledge economy as 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. As a fresh graduate, how can you increase your odds of success as the workplace becomes increasingly a knowledge-generating powerhouse, which is a big deviation from how they have been looked at over the past 100 years.
Idea in Brief
The knowledge economy is a system of consumption and production that is based on intellectual capital. In particular, it refers to the ability to capitalize on scientific discoveries and applied research. The knowledge economy represents a large share of the activity in most highly developed economies.
Think about how about human civilization has progressed, it can be broken down into three phases: industrial revolution, information revolution, and knowledge revolution.
Think about how human civilization has progressed, it can be broken down into three phases: industrial revolution, information revolution, and knowledge revolution. The industrial revolution is the phase where we started harnessing the power of manufacturing and electricity, out of which heavy-duty industries such as railroads, steel, car, etc. were born.
Next, comes the information revolution. The new age technology world that we all are gifted to live in. Computers, the Internet, and the thousands of other technologies it has led.
Lastly, it is the knowledge revolution. It’s a revolution where knowledge is gold and runs the economy.
Knowledge economy means a shift from traditional economies
Knowledge economy means a shift from traditional economies when there was a reliance on unskilled labor, to economies reliant on service industries and jobs that require more thinking and analytics. This term was coined by Peter Drucker, a management consultant, in the 1960s.
The transition has happened because of the new-age industry that relies heavily on science and automation.
“Knowledge economy is an economy where knowledge plays a crucial role. Its production becomes a driving force for the development of the country and society; it is a marketable product that can be sold and profited.” by Alvin Toffler
Emerging Jobs for Knowledge economy
Developed countries such as the USA, UK, Germany, and Japan mainly rely on high-tech products and knowledge-intensive production as the main source of growth for their industries. And so does the hot job market of India.
This has created a boom of new roles in the IT industry that are directly born out of the Knowledge economy, such as:
Business Analysts, Business Intelligence Engineer, Data Engineering, Data Analysts, Data Science, Applied Scientist
Knowledge economy is to be on the lookout for.
So, if you are interviewing or preparing your resume for any of these roles, keep in mind that you are in fact participating in the knowledge economy. This may be a good tidbit to know!