K Data Grid

Knowledge Based Economy

Abstract:

For the latter, two hundred years, the economy neo-classical acknowledged that two production factors: labor and capital. This is changing. Information and knowledge are replacing capital and energy as the main wealth creation asset, as the latter two replaced land and labor 200 years ago. In addition, technological developments in the 20th century have transformed the majority of wealth, create jobs for physically-based to "knowledge." Technology and knowledge are becoming the main factors of production. With the increased mobility of information and the global workforce, knowledge and expertise can be transported instantaneously around the world, and any advantage gained by one company may be eliminated by competitive improvements overnight. The only comparative advantage a company will enjoy will be its process of innovation – combining market and technological expertise with creative talent knowledge workers to solve a constant stream of competitive problems – and its ability to extract value from information. We are now one company information in a knowledge economy where knowledge management is essential. This page lists and rates Internet resources related to field of knowledge economy and knowledge management in the company of new information.

Prof. Loveleen Chawla

KNOWLEDGE ECONOMY

(with special reference in India)

"We live in a time of profound change and transformation of the society and its basic underlying economic … The nature of production, trade, employment and work in the decades ahead will be very different from that is today. "

In an agricultural economy land is the key resource. In an industrial economy natural resources, such as coal and iron ore, and work are the main resources. A knowledge economy is one in which knowledge is the key resource. This is not a new idea that knowledge plays an important role in the economy, and it is not new. Any savings, however simple, are based on knowledge about how, for instance, cultivate, extract and build, and use this knowledge has continued to increase since the industrial revolution Revolution. But the degree of incorporation of knowledge and information in economic activity is now so great that it is quite bring about profound structural and qualitative changes in the functioning of the economy and the transformation of the basis of the benefit competitive. The growing knowledge intensity of the global economy and our growing ability to distribute this knowledge has increased its value to all participants in the economic system. The implications are profound, not only for corporate strategies and government policies, but also for institutions and systems used to regulate economic behavior.

What the economy knowledge?

"Capitalism is undergoing an epochal transformation from a system of mass production where the main source of value is human labor to a new era of 'innovation mediated production' where the main components of value creation, productivity and economic growth is knowledge. "

Definitions:

Defining the knowledge economy is difficult precisely because the goods it is based on "knowledge" itself is difficult to identify with any precision. Perhaps for this reason, there are some definitions that go well beyond the general and almost none that describe the economy knowledge in a way that could allow it to be measured and quantified.
# The knowledge economy is a vague term that refers either a knowledge-based production and management of knowledge, or knowledge economy. In the second meaning, more frequently used, it refers to using knowledge to produce economic benefits.

# The knowledge economy is the story of how new technologies are combined with intellectual and knowledge assets – the "intangible" research, design, development, creativity, education, equity of the brand and human capital – to transform our economy.
Economy Knowledge is being set from two forces: the rise in knowledge-intensive economic activities and the increasing globalization of business economic.

Increasing knowledge intensity is driven by the combined forces of the technology revolution information and the increasing pace of technological change. Globalization is driven by national and international deregulation, and by the communications revolution, he relates.

However, it is important to note that the term 'knowledge economy' refers to the overall economic structure that is emerging, not someone, or a combination of these phenomena. Various observers describe the economy world today as we transition to a knowledge economy "as an extension of the" information society ". The transition requires that rules and practices that determine success in the industrial economy need rewriting in an interconnected global economy where knowledge resources such as know-how, expertise and intellectual property are more critical than others economic resources such as land, natural resources, or even manpower.

According to analysts of the economy namely, those rules must be rewritten in terms of businesses and industries in terms of knowledge management and in public policy as as knowledge policy or knowledge-related policies.

Concepts:

A key concept this economic activity is that knowledge and education (often referred to as "human capital") can be treated as:
• A business product, as products and innovative educational and intellectual services can be exported to high profitability.
• A productive asset.

The original basis of the knowledge economy has been introduced in 1966 in a book by Peter Drucker. The Effective Executive described the difference between the worker and the knowledge worker. A laborer works with his hands and produces "things". A knowledge worker works with his head not hands, and produces ideas, knowledge and information.

Knowledge Economy vs. The traditional economy:

It can be argued that the knowledge economy differs from the traditional economy on several key points:

• The economy is no shortage but rather of abundance. Unlike most resources that deplete when used, information and knowledge can be shared, and actually grow through application.

• The effect of location is to be reduced in certain activities Economic: using appropriate technology and methods, virtual marketplaces and virtual organizations that offer advantages of speed, agility, round the clock operation and global reach can be created. or, conversely, enhanced in some other areas economic, creating clusters around the centers of learning such as universities and research centers that have achieved excellence in the world.

• Laws, barriers and taxes are difficult to implement on a national basis only. Knowledge and information "Leak" to where demand is highest and the barriers are lowest.

• Improved knowledge products or services can command price premiums over comparable products with low concentration of integrated knowledge or knowledge intensity.

• Pricing and value depends heavily on context. Thus, the same information or knowledge can have a value very different to different people, or even the same person at different times.

• Knowledge when locked in systems or processes has a greater intrinsic value than when he can "leave" the door into people's heads.

• Human capital – competencies – are a key element of the value in a knowledge society, yet few companies indicate competency levels in annual reports. However, downsizing is often seen as a positive "cost cutting" measure.

• Communication is increasingly seen as fundamental to knowledge flows. Social structures, cultural context and other factors affecting on social relations are of fundamental importance to knowledge economies.
These characteristics require new ideas and approaches makers, managers and knowledge workers.

Driving forces:

Commentators suggest that at least three interlocking driving forces are changing the rules of trade and national competitiveness:

• Globalization – markets and products are more global.

• Information / Knowledge Intensity – efficient production relies on information and know-how and more than 70 percent of workers in developed economies are information workers; many workers use their heads more than their hands.

• Networking of computers and the evolution of connectivity such as the Internet bring the "global village" ever nearer.

Regarding the applications of new technology, it depends on how it meets economic demand. It can remain dormant or get a commercial breakthrough.

Globalization

The other key driver of the new knowledge economy is the rapid globalization of economic activities. Even if There were other periods of relative openness in the global economy, the pace and scope of the current phase of globalization is unprecedented.
The global communications revolution has been accompanied by a widespread movement to deregulate the economy, there including

# The reduction of tariffs and nontariff barriers on trade in goods and services, floating currencies and deregulation financial markets in general;

# The reduction of barriers to FDI and other international capital flows, and barriers to technology transfer, and

# The deregulation of product markets in many countries, particularly in terms of reduction the power of national monopolies in areas such as telecommunications, air transport and finance and insurance.
Together, these changes have resulted rapid globalization. Consequently, goods and services can be developed, bought, sold, and in many cases even delivered over networks electronic.

Increasing knowledge intensity

The last twenty years have seen an explosion in the application of information and communication technologies in all areas of business and community life. This explosion was driven by a sharp drop in the cost of computing and communications per unit of output, and the rapid development of relevant applications user needs. Digitization standards of open systems and software development and technology support for the application of computer and new communication systems – including scanning and imaging technologies, memory and storage, display and Copy technologies – now help users to exploit the potential of the computer revolution. It is the Internet that these technologies meet, and that the Internet phenomenon that embodies the information revolution. During the first decade of its development, Internet was an expert research network. In 1989 there were 159,000 Internet servers worldwide. Now, just 10 years later, there are more than 43 million euros.

In economic terms, the core of the computer revolution is the ability to manipulate, store and transmit large amounts of data at a very low cost. An equally important feature of these technologies is their pervasiveness. Then that previous episodes of technical developments focus on specific products or industries, information technology is generic. It impacts on every element of the economy, goods and services, and each element of the marketing chain, from research and development to production, marketing and distribution.

Because the marginal cost of handling, storage and transmission Information is almost zero, the application of knowledge in all aspects of the economy is greatly facilitated, and knowledge intensity economic activity increased sharply. The intensity of the growth of knowledge involves both the increasing knowledge intensity of various goods and services and the increasing importance of these products and services in the economy.

Computer Networking and connectivity

It is virtually impossible to separate technology from the act of living in the world today ¹. We are all connected to our work, our product and service, and to each other in myriad ways that could never have imagined there are only ten years. In this whole wide degree of interconnection networks spring – and connect nodes within the networks – which add to the allure further dynamic opportunities and technological developments. It is an undeniable fact that ICTs play a very important role in the development of each nation of those days. This is because growth is induced by the flow of information and this awareness has led most economies namely those based. Developing countries have recognized and rigorously pursue the use of ICT as a platform for socio-economic development.

Electronic commerce (e-commerce) is a fast growing segment of the economy, which should increase even more rapidly over the coming years. Current Internet business transactions are estimated at hundreds of millions and billions are projected within the decade. Growth revenue net of the transaction will be powered with a release of Visa and MasterCard standards of software for secure internet transactions of their members this map, and acceptance standards for micropricing. Overall, it is reasonable to project that within a decade, the vast majority of economic transactions involving a significant electronic component. In cases undergoing a major transition. This transition is based on the fact that we are now in a network environment. ICT can provide business transformation, changing work environments and the economy World. Advent of the "new economy", embodied by the expansion of the Internet, would signal the end of geography and space. The distances would be abolished as the markets are now just a click away.

Growing interest

Various management writers have for several years highlighted the role of knowledge or intellectual capital in business. The value of companies high technology such as software and biotechnology companies, is not in physical assets as measured by accountants, but in their intangible assets such as knowledge and patents. Recent years have a growing recognition by accounting bodies and international agencies that knowledge is a essential factor of production. For example, the OECD group of Inquiry "human capital" and also the role of knowledge in international competitiveness.

Policy Implications

The economy of the evolution of knowledge has implications important for policy makers in local, regional and national and international agencies and institutions, for example:
• Traditional measures economic success must be supplemented by new
• Economic Development Policy should not focus on "jobs created, but rather on improving infrastructure for sustainable knowledge "that acts as a magnet for knowledge-based companies.
• Develop regulations and tax information and knowledge negotiation at international level, seeking to know the future-industries rather than traditional industries.
• Stimulate market development through new forms of collaboration.

Issues and challenges:

The main challenges facing policy makers and business leaders are:
• It is difficult to "go it alone." Stakeholders, particularly employees and partners must share similar views to your own initiatives to succeed
• only the recognition and reward in general do not sufficiently recognize contributions recognizee. They are related to performance measures of the traditional economy.
• Measures of ROI are made using traditional accounting methods, and investment in knowledge building activities need strong advocates at senior levels.

Emergence Knowledge

The emergence of the knowledge economy can be characterized in terms of increasing role of knowledge as factors of production and its impact on skills, learning, organization and innovation.
• There is an increase huge codification of knowledge, which together with networks and digitization of information is at the head of its increasing commercialization.
• Increased codification of knowledge leads to a change in the balance of the stock of knowledge – that leads to a relative shortage tacit knowledge.

• Codification is promoting a change in the organization and structure of production.

• Information and communication technologies become more favorable to the dissemination of information on Re-invention, reducing the investment required for a given quantum of knowledge.

• Increasing the rate of accumulation of knowledge stocks is positive for economic growth (increasing the speed limit to growth). Knowledge is not necessarily exhausted in consumption.

• Codification is producing a convergence, bridging different areas of expertise, reducing the dispersion of knowledge, and increasing the speed rotation of stock of knowledge.

• The innovation system and its "knowledge distribution power 'are of critical.

• The increased rate coding and data collection lead to a shift toward tacit ( 'Handling') skills.

• Learning is increasingly central to people and organizations.

• Learning involves both teaching and learning by doing, learning by using and learning by the interaction.

• learning organizations are increasingly networked organizations.

• Initiative, creativity, problem solving and openness to change skills are increasingly important.

• The transition to a knowledge based system in May systemic market failure.

• A knowledge economy is so fundamentally different from the resource-based system of last century that conventional economic understanding must be reconsidered.

What's New About the New Economy?

"In the 21st century, comparative advantage will become much less a function of the natural resource endowment and the capital-labor ratio and much more a function of technology and skills. Mother nature and history will play a much smaller, while human ingenuity will play a much greater role. "

What makes the emergence of the knowledge economy important, it is in some respects different from the industrial economy, we have known for most 200 years. These differences are the following:

Information Revolution

The computer revolution has intensified the movement toward codification of knowledge, and increased the share of codified knowledge in the stock of knowledge economies advanced. All knowledge can be codified and reduced to information can now be transmitted worldwide at a cost relatively little. Therefore, knowledge is the acquisition of several properties of a product. Market transactions are facilitated by codification, and dissemination of knowledge is accelerated. The codification is to reduce the importance of additional investment in acquiring Knowledge duplication. It is creating bridges between fields and areas of competence and reduce the "spread" of knowledge. These events suggest an acceleration of growth stocks of accessible knowledge, with positive implications for economic growth.

Knowledge, Skills and Learning

Information and communication technologies have greatly reduced costs and increased capacity of organizations to codify knowledge, process and communicate information. In doing so, they have radically altered the "Balance" between codified and tacit knowledge in the whole stock of knowledge. In essence, creating a shortage of tacit knowledge. As access to information becomes easier and cheaper, skills and expertise on the selection and efficient use information becomes more crucial, and tacit knowledge in the form of skills needed to handle codified knowledge becomes more important than ever.

Investments in information technology and communication are complementary with investment in resources and human skills. The skills required of people increasingly be those that are complementary to information and communication technologies, not those who are not substitutes. As machines replaced labor in the industrial age, the computer should be the place of codified knowledge in the knowledge economy and work in the knowledge economy increasingly demand specific human (tacit) skills – as management personnel and international design and communication skills.

Innovation and knowledge networks

The knowledge economy relies increasingly on the use and dissemination of knowledge and its creation. Hence the success of companies, and national economies as a whole, become more dependent on their effectiveness in the collection, absorption and use of knowledge, and in its creation.
A knowledge economy is, in effect, a hierarchy of networks, through the acceleration rate of change and the learning rate, where the opportunity and ability to access and join intensive knowledge and learning intensive relations determines the socio-economic position of individuals and firms.13 Companies must become learning organizations, continuously adapting management, organization and skills to accommodate new technologies and seize new opportunities. They will increasingly joined in networks, where interactive learning involving creators, producers and users
experimentation and exchange of information and facilitate innovation.

The bodies of learning and innovation

In a knowledge economy, firms search for linkages to promote inter-firm interactive learning, and external partners and networks to provide additional resources. These relationships help firms spread the costs and risks associated with innovation, access new research results, to acquire key technological components, and share assets in manufacturing, marketing and distribution. As they develop new products and processes, firms determine which activities they undertake individually, in collaboration with other companies, in collaboration with universities or research institutions, and with government support. Innovation is the result numerous interactions between actors and institutions, which together form a system of innovation.

These innovation systems include the flows and relationships between industry, government and academia in the development of science and technology. And interactions within these systems influence the innovative performance of firms and ultimately the economy. Distribution "knowledge power" system, or its ability to ensure access by innovators in the stocks of knowledge, is a major determinant of prosperity.

Global competition and production.
Strategy and its location.

India as a knowledge economy: Versus realize their aspirations

The Indian vision of a knowledge economy does realize that if it is based on the foundation of a robust industrial economy. To be truly beneficial, the rain is falling IT in the right place in the right quantity at the right time and wisely.

The Indian software industry has compiled an impressive record in last ten years. Entrepreneurs, bureaucrats and politicians argue now receive feedback on how India can transform itself into a knowledge economy by riding the information technology (IT) training. Isolated cases of villagers using e-mail are cited as examples of such transformation. Similarly, e-governance is projected towards the future.

There is no shortage of fascinating stories about IT-enabled change. But there is little discussion about whether such changes are sustainable and effective when other areas of the economy continue to lag. For example, 79 percent of the population of India in villages basic infrastructure limited. More than 60 percent of the population is considered literate, but literacy is defined as the ability to read and write simple words in any language, acquired with or without formal education. This criterion is so basic that is almost irrelevant in the context of a knowledge economy. However, central and state governments have had projected as a vector of social and economic transformation. Are we putting the cart before the horse here? Even if the emphasis on IT is justifiable, what should you policy is designed so that the nation is benefited in a balanced way?

In this commentary, we discuss the implications the dominant place India on the IT sector. We argue that India should aggressively pursue manufacturing and agriculture industries to build a robust industrial economy that can be made more efficient computing. IT projects can certainly be pursued in the private sector. However, the government should not be strongly biased in favor of the IT industry when its benefits to society are unclear and its role in the broader context of national development has not been adequately articulated. In addition, policymakers should moderate their obsession with computer as a panacea for India's socio-economic.

India as a knowledge economy:

The value of IT depends largely on the current level of economic development. It can make existing assets and processes more efficient and more efficient, but can not compensate for the lack of basic infrastructure. What is appropriate for a developed economy is not necessarily appropriate for India, where the basic elements of infrastructure including quality education, health, electricity and drinking water remain in short supply.

The impact of IT is best understood when the differences between industrial and knowledge of business intensive recognized. Industrial growth stems from investment in large-scale infrastructure (such as railroads, roads, power grids and dams). This infrastructure supports the growth of industries intensive in physical assets (such as steel and transport) that create and move physical entities (such as property, water and people). These companies employ many workers in education and limited skills, and can lift large sections of society.

In contrast, firms in the knowledge economy generally involve the production of goods intensive knowledge (like software), and large-scale capture, movement and use information using sophisticated network infrastructure (such as computers, cable, fiber and routers). Beyond the physical labor required for the initial construction, construction and maintenance of infrastructure requires specialized knowledge.

Despite the enthusiasm for the "new economy", the fact is that economic development is cumulative. The industrial economy made agriculture more productive. The productivity of agricultural labor skyrocketed with the use of biological and industrial innovations, including tractors, irrigation systems, fertilizers, pesticides and genetically modified seeds. Historically, industrial innovation in developed countries has created a rich and improving living standards in society is divided. These developments have put them up in an ideal position to create and exploit knowledge as they transform into a knowledge economy. Basically, the largest source of productivity growth attributable to the knowledge economy does not result not the knowledge economy itself, but its effects on the industrial economy. For example, it enables supply chains and plants work more efficiently.

The "surge" argument, whereby India skips the construction of infrastructure heavy and transforms directly into a knowledge economy, is therefore suspect. Supporters of leapfrogging describe how isolated villages without phone have directly adopted the conventional cellular phones. The example provides excellent symbolism. However, the underlying principle is not scalable level of the national economy where the complexity of many sub-systems work together. Consider the transport subsystem. Laws physics does not allow him to substitute the physical movement of goods by a movement of "virtual". An information network ultra-fast is not enough to help make transport faster and cheaper. Better roads and railways.

IT job growth and government policy

The Indian IT companies have focused on the development and delivery of services to the economies advanced. Even if India became plant software in the world and the most optimistic projections for IT-related jobs (including jobs in call centers and design centers) have been maintained, the industry employed more than a few million people. In a country with more than one billion people, but constitutes a breach in the employment statistics.

In addition, a social planner must be concerned not only with the creation wealth, but also its distribution across social divides. The IT industry holds limited potential for wealth on rebound the poor sections of society. Unlike a steel plant, it creates few opportunities for the uneducated. Any transfer of wealth the IT sector (for example, by taxing the IT sector to finance social spending) would be affected by the heavy hand of government .. In fact, rapid growth IT will probably lead to a digital divide in the short term, where the rich and educated are empowered and enriched by IT and the poor are not aware of its impact.
Before the kiss, the planners of the Indian policy must assess carefully whether the investment in other areas would yield higher and more equitable returns. For example, consider the jute industry.

The country needs to be particularly careful not to disregard for the manufacturing sector. China is not known for its strengths in IT, but now he has a certain presence in the region. But, what China has done in terms of its core industrial base is striking. Foreign direct investment (FDI) in China has been of around 40 billion dollars in 2000, despite all the noise about work and allegations of rights violations. China's exports exceeded 200 billion dollars in 2000, with the United States alone accounting for 100 billion dollars of exports. In fact, the value of "shoes" exported each year by China to the U.S. (worth about $ 9.2 billion) compares with or exceeds the total annual value of exports IT in India.

Why do these figures are relevant? Exporting footwear creates millions of jobs for citizens who have not sophisticated skills. According to reports, a total of 34 million export-related jobs have been created in China exports to the United States alone accounting for more than 20 million jobs in the last decade. These jobs have improved the standard of living for a substantial fraction of Chinese society. There is much we must learn from China on how the manufacturing sector can deliver robust and equitable economic growth. Taiwan, Malaysia and South Korea have also prospered using similar approaches.

In contrast with manufacturing, the direct benefits to IT (such as employment in the trades) are likely to go to the few people who have already benefits of education. The trickle of information (such as cleaning and maintenance staff for IT companies) are likely to be modest or nonexistent outside major cities. It is also time to discard the idea that manufacturing is inherently less attractive because she may involve some physical labor.

In most advanced economies, a skilled worker factory floor is frequently paid more than a call-center employee. Empowered with technology, the factory worker can add a value at a remarkable pace. In India, the reverse is often. Mundane-Call center jobs, often contracted from more developed countries, absorb well-educated, English-speaking workers whose skills could be used more productively elsewhere.

The actions of Governments of India tend to be biased in favor of the IT industry .. The government needs a more balanced policy, one that guarantees the industrial base are not ignored in the rush toward her.

IT and education

IT is fashionable to say that the population of India is its main asset. This view is misleading. People are assets only if they participate significantly in cycle of value creation and consumption by exercising the power to purchase, or creating products and services of value, or create and exploit knowledge. A significant fraction of the population of India is not responding, or even approaching that standard asset. To transform this situation, a renewed focus is needed on the two pillars that supported the growth of every successful economy – a strong core infrastructure and widespread access to education. Now, to discuss the IT-education interface.

Selling computer parts Used in the streets of Chennai.

Distance learning and e-learning is already violated in some environments, as solutions to the challenges of India. The argument is that it can also distribute cheap and widespread education. This reasoning ignores the key challenge – how our children are poor and uneducated are provided with incentives to enter in school, stay in school and progress to higher education institutions? The answer lies in understanding physiology, psychology and economics, rather than the application of technology. For all its drawbacks and problems of implementation, program lunches launched by the late Chief Minister MG Ramachandran in Tamil Nadu, addressed this challenge. The program recognizes a simple fact, but fundamental – The brain can not eat when the stomach is itself an empty stomach. It has provided an incentive for parents to send their children to school, rather than in fields. For children who benefit from education seemed a distant mirage misty, it provided immediate and tangible reason to stay in school.

There is little reason to believe that the learning situation will effectively advance the cause of Indian education. Issues that are embedded in social and economic fabric of Indian society must be addressed primarily by solutions that are social and economic. Throwing technology at these problems will not make them disappear.

In addition, the creation infrastructure and content to support e-learning is very expensive. A flood in e-learning at this stage will only lead to wasted resources.

IT and culture

A Knowledge-based economy is characterized by a culture of innovation. For such a culture to take root, innovation must be rewarded and intellectual property must be protected.

A culture that truly enhances innovation supports the idea that try hard and fail is perfectly fine. However, the psyche India has always been opposed to the blessing of the risky venture. This attitude transcends into the arena of business. Consider how static the Indian automotive industry has been for three decades before the refreshing winds of competition has led to a change Fast. Competition breeds innovation.

Even if one side of the coin cultural relates to incitement innovation, the downside is for his protection. Ideas, unlike property, can not be protected by construction a fence around them. Protecting intellectual property is not a purely economic issue, it also has important cultural dimensions. The economic perspective can be addressed by the patent laws stronger and punitive procedures. However, the cultural perspective decide whether such protection can not be enforced significantly. Addressing the cultural perspective is a challenge.

The Road Technology

A society that is deeply divided by social and economic fissures must think carefully how he directed the economic and technological progress. The path in some ways is more important than the result itself.

In the Indian context, particular attention must be paid to when, where and how she and other technological advances are encouraged. There are, indeed, many low-hanging fruit to harvest. For example, a recent article in The New York Times describes how a fisherman working off the coast of Kerala has used a mobile phone on the seas to obtain information on the spot market price of fish in Kochi and Kollam. The fisherman deducted the equivalent of an additional $ 1,000 in annual income just by deciding to deliver his catch to the market more profitable whenever his ship came in this striking example of how information flows can improve the single market efficiency can be reproduced in many respects and in many markets. However, the stakes are quite different when it comes to policy formulation National Computer. Any national policy requires some compromise between the benefits for industries, regions and classes of people. In formulating a national IT policy, the quest for superior technology, must be tempered by an understanding of its implications on the social – which could be good for a private company or a contractor may not always be good for society and vice versa

The adoption of technologies modern moves in measured, at a pace and in a direction that is consistent with changes in the socio-economic development. The role of government to ensure harmony should not be underestimated. This is particularly true in India where the government remains responsible for a significant fraction of production Economic and where it is actively reforming the rules and regulations as the country integrates into the global economy.

Information technology can change the way we communicate the company works, lives, works and plays. The growth of IT industry in India symbolizes the potential of industry Indian to perform at world class standards. It demonstrates much of what can go right when the spirit of human enterprise is given free course.

However, success in ICT companies in India can not solve its many economic and social problems. As the rainfall can lead to dramatic floods, an obsession with IT and the knowledge economy is not useful. For be truly beneficial, the rain is falling IT in the right place in the right quantity at the right time and wisely. Nor is the active search IT represent the sole or even the obvious, the path towards a first-class, despite the brilliant success of large companies IT.

Conclusion:

For two hundred years, the neo-classical acknowledged that two production factors: labor and capital. This is changing. Information and knowledge are replacing capital and energy as wealth Main asset creation, as the latter two replaced land and labor 200 years ago. In addition, technological developments in the 20th century have transformed the majority of wealth, create jobs basic physics "based on knowledge." Technology and knowledge are becoming the main factors of production. With the increased mobility of information and the global workforce, knowledge and expertise can be transported instantaneously around the world, and any advantage gained by one company can be eliminated by competitive improvements overnight. The only advantage comparative advantage a company may be its process of innovation – combining market and technological expertise with the creative talents of workers knowledge to solve a constant stream of competitive problems – and its ability to extract value from information. We are now one company information in a knowledge economy where knowledge management is essential. This page lists and rates Internet resources related field the knowledge economy and knowledge management in the information society.

About the Author

Prof. Loveleen Kaur Chawla(MBA/NET)

MIMOS ~ research centre