The Knowledge Economy as a Development Potential for Industrialized Countries and a Perspective for Developing Countries

The Emergence Of The Knowledge Economy

The knowledge economy is an economy “which is directly based on the production, distribution and use of knowledge and information” (OECD, 1996, p. 7). According to the World Bank it is “essentially an economy where knowledge is the main engine of economic growth” (Chen Derek & Dahlman, 2006, p. 1). Asia-Pacific Economic Cooperation (APEC) defines knowledge economy as “an economy in which production, distribution and application of knowledge, are the main driving factors for economic growth, generating wealth and employment in all industries” (Mortazavi & Bahrami, 2012, p. 284).