All economic activities are knowledge-based
What is not knowledge-based? The term’s original intention was to describe an alternative to economic activity based on resource extraction, commodity sales, and rent-seeking. However, these activities also require and create great amounts of knowledge. Today, industry production or touristic industries must rapidly invent unique solutions to unforeseen problems and any product (food, minerals, components, etc.) pricing and distribution must be optimized with complex algorithms.
Knowledge infuses all economic activity everywhere, and when something is everything, it is nothing.
Experiences, knowledge, ideas and innovation between others are the main inspirations for the knowledge creation. We’re sure that you’ve many things to share.
Discover how Witcoin wants to reward to all of these people who move their knowledge!
Knowledge-based economy examples on Internet?
Internet is a utility; information is a commodity. The impressive enhancement of accessibility to information through the worldwide web and wireless communication was and is one of the implicit underpinnings of the knowledge-based economy concept. A Google of “web” yields 7.6 billion hits in .66 seconds, and when combined with “Internet”, 4.1 billion in .65 seconds. There are about 5 billion mobile phone users engaged in borderless texting and other interactions. Facebook and whatsapp are large countries and Google is a common verb. Booking and AirBnB guide our holidays and Bitcoin or Ether let us bring fortunes across the globe unnoticed instead of the 10,000 euro/dollar limit for crossing physical borders. But the ubiquity of access to information means that if you need to tell someone that they should use the web for their business, in what today call the digitization towards a new economic revolution.
What can gets you to the top?
Entrepreneurship is as well a scarcer resource regarding knowledge, yet as valuable. For example, if one reviewed a list of a university’s patents up for licensing, he will see that such an effort is near-useless economically. Brilliance is a must, but the connection between the reagents and molecules and economic activity is incredibly loose-divorced from the entrepreneurial spirit, advanced knowledge has little economic value. As reported by Daniel Isenberg in his blog, in Woods Hole Massachusetts, with its 925 residents and 54 affiliated Nobel Laureates: Entrepreneurship? None. Spinoff ventures? None. He continued saying “Most regions would die for a tiny fraction of the IP that gets generated in Woods Hole, but Woods Hole has remained an economic anti-cluster since its founding in 1888”.
Knowing that venture capitalists invest in 1 out of 100 brilliant ideas they review, the fact is that the technology is not what gets you to the top, it is the business acumen, the leadership ability, the salesmanship, the ability to put resources together to realize opportunity. In short, as said and compared to technology, entrepreneurship is the scarce and valuable resource.