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The knowledge economy, or knowledge-based economy, is 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.[1] The key element of value is the greater dependence on human capital and intellectual property as the source of innovative ideas, information, and practices. Organisations are required to capitalise on this "knowledge" in their production to stimulate and deepen the business development process. There is less reliance on physical input and natural resources. A knowledge-based economy relies on the crucial role of intangible assets within the organisations' settings in facilitating modern economic growth.[2]
- ^ Cite error: The named reference
:0was invoked but never defined (see the help page). - ^ World, Bank (2007). Building Knowledge Economies: Advanced Strategies for Development. H Street, NW,Washington, DC: World Bank Publications. pp. 4–12. ISBN 9780821369579.