January 19,2010

Knowledge economy refers to either an economy of knowledge or a knowledge based economy. The main difference between these is that in the economy of knowledge, knowledge is a product and in the knowledge based economy, the knowledge is used as a tool. And our society is in a transition phase right now towards a knowledge economy because of a push towards globalization throughout the world thanks to the Internet. In this economy, knowledge is considered to be either a business tool or a productive asset.