Knowledge-Based Economy

A Knowledge-Based Economy (KBE) is an economy where growth and value are driven by knowledge, information, and innovation rather than traditional industries like manufacturing. In a KBE, education, research, and technology play critical roles, with businesses focusing on creating and using intellectual assets, such as patents and technical expertise. This shift fosters skilled jobs, encourages collaboration between academic institutions and industries, and enhances productivity. Overall, a KBE emphasizes the importance of knowledge and learning as central to economic success and societal development.