Knowledge and the Knowledge Economy in the Organization

Abstract

Knowledge and information are considered among the most important products of the knowledge economy because the accumulation, updating, and organization of knowledge is the basic foundation of the economy, as it depends on the production and distribution of knowledge. Therefore, it is directly based on the production, dissemination, and use of knowledge and information in various productive and service activities because it focuses on the value of the intellectual capabilities of the human element, as it is the source of knowledge, wealth, and power. Hence, the more knowledge accumulates, the more wealth accumulates.

The knowledge economy is concerned with the production and storage of knowledge, its generation, innovation, and use, as well as the knowledge industry through education, training, and development, while the knowledge-based economy constitutes an advanced stage of the knowledge economy. Accordingly, we can say that the knowledge economy has enormous capabilities to adapt to new variables and harmonize with all different circumstances and situations that accompany the internationalization of the economy.