Korea and the Knowledge-based Economy: Making the Transition

TLDR: In this article, the authors define a knowledge-based economy as one where knowledge is created, acquired, transmitted and used effectively by enterprises, organizations, individuals and communities, and make the case for better co-ordination among the government, the private sector and civil society to enhance competitiveness and advance economic and social development.

Abstract: Knowledge is fast becoming a key factor in economic and social development worldwide. Rapid innovations in science, communications and computing technologies are opening up new opportunities for countries to harness knowledge and participate more fully in the global economy. Developing countries that successfully make the transition to the knowledge-based economy will have unprecedented possibilities to become more competitive in world markets and to participate in the global information society. New technologies can also extend the benefits of knowledge to all segments of society and help countries close the gap in living standards among their citizens. This book defines a knowledge-based economy as one where knowledge is created, acquired, transmitted and used effectively by enterprises, organizations, individuals and communities. It does not focus narrowly on high-technology industries or on information and communications technologies, but rather presents a framework for analyzing a range of policy options in education, information infrastructure and innovation systems that can help usher in the knowledge economy. It also makes the case for better co-ordination among the government, the private sector and civil society to enhance competitiveness and advance economic and social development.