The structural components of a knowledge-based economy

Abstract

Little to no research exists to explain the structural components associated with the successful establishment of a knowledge-based economy. Nearly all developed countries are transitioning from service-based to knowledge-based and yet how to do so effectively and efficiently remains a mystery. The purpose of this research is to address this oversight. Based upon a review of the literature, five structural components of knowledge-based economies are identified and described. The five components consist of a foundation of information and communications technology, open innovation, education, knowledge management and creativity. At the macro-level, those seeking to establish a knowledge-based economy, whether local, regional or national, will be best served by following the structural template described. Policies and procedures to foster advances in each of the structural components should be developed strategically.

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