Although the debate on the nature of ‘knowledge’ and ‘information’ is far from settled, it is now taken for granted throughout the academic world that the two notions are related but fundamentally distinct. This result, and its significant consequences, still need to be realised and understood by the great majority of the business world. In the first section of this chapter, we briefly comment on some characteristic views of ‘knowledge’ and ‘knowledge management,’ and subsequently we analyse in-depth the core constituent notion of the latter, that is, knowledge. In section two, we outline three major consequences of our analysis. The first concerns the limits of management for a certain class of activities involving knowledge. The second concerns the scope and limits of technology for the same class of activities. The third concerns the issue of knowledge market. The thesis we develop is that knowledge cannot be taken as a commodity; in other words, the notion of a knowledge market is not implementable.