Knowledge based economy is based on knowledge of the economy. It also involves the creation of knowledge and management of knowledge. The present time is technical head, which means that the country which is the leader in technical matters, the stronger its economic base will be as strong. Knowledge base is essential for technical progress. On the basis of knowledge, innovation can be speeded up and innovation paves the way for innovation and technological advancement.
Why the knowledge is based economy important for strong economic progress?
- Knowledge based economy is important because of the strong economic progress, because the use of knowledge plays an important role in the primary, secondary and tertiary sectors.
- It is known that the productivity of a skilled worker is more than the unskilled worker, which is why there is a huge demand for skilled personnel. The creation of a better trained person is possible only through knowledge.
- Founded by Peter Drucker, first in 1966, the foundation of the knowledge-based economy, he clarified the difference between unskilled and skilled (knowledgeable) personnel in his book 'The Effective Executive' (The Effective).
Why is the need for strong base of knowledge in the primary, secondary and tertiary sectors of the economy?
There is a significant need for knowledge base in the primary sector such as agriculture, mining etc. Farmers with better knowledge make use of improved seeds and fertilizers possible, while conventional thinking farmers are far behind in production.
- In the same way, knowledge in the field of manufacturing, secondary is very important. It is known that present 4th is the Industrial Revolution in which knowledge and artificial intelligence are being given preference.
- Most of the tertiary sector, for example, is the basis of the service sector. The basic knowledge of most services like lawyers, doctors, teachers, consultants etc. is
Conclusion:
It can be concluded that knowledge based economy is the basis of strong economic progress in the present time. Having a strong base of knowledge strengthens the secondary and tertiary sector along with the primary.
