Knowledge-Based Economy and Society Has Become a Vital Commodity to Countries

Technological change is driving demand for skilled labor and spurring an upgrading of skills across economies. The emergence of a knowledge-based economy (k-economy) has spawned a “new” notion of workplace literacy, changing the relationship between employers and employees. The traditional pledge where employees expect a stable or lifelong employment will no longer apply. New ideas or intellectual capital, more than savings or investments, are the new keys to prosperity and to the wealth of nations. The importance of knowledge as a tool that could be used to achieve developmental goals of nations cannot be over emphasized. Knowledge is of a decisive importance in economic development of countries.