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Knowledge Industry
Knowledge industries are those industries which are based on their intensive use of technology and/or human capital. While most industries are dependent in some way on knowledge as inputs, knowledge industries are particularly dependent on knowledge and technology to generate revenue. Some industries that are included in this category include education, consulting, science, finance, insurance, information technology, health service, and communications. The term "knowledge industry" was suggested by Austrian-American economist Fritz Machlup to describe these industries in the context of his new idea of the knowledge economy. Emergence The production of knowledge before the Scientific Revolution had little economic impact and was practiced on a small scale. Since that time knowledge has become one of the largest and most important industrial sectors in world commerce. The emergence of knowledge as an industry has been essential in perpetuating the modern capitalist system. A mo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Industry (economics)
In microeconomics, an industry is a branch of an economy that Production (economics) , produces a closely related set of raw materials, Good (economics) , goods, or Service (economics) , services. For example, one might refer to the wood industry or to the insurance industry. When evaluating a single group or company, its dominant source of revenue is typically used by industry classifications to classify it within a specific industry. For example the International Standard Industrial Classification (ISIC) – used directly or through derived classifications for the official statistics of most countries worldwide – classifies "statistical units" by the "economic activity in which they mainly engage". Industry is then defined as "set of statistical units that are classified into the same ISIC category". However, a single business need not belong just to one industry, such as when a large business (often referred to as a conglomerate (company), conglomerate) Diversification (ma ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Technology
Technology is the application of Conceptual model, conceptual knowledge to achieve practical goals, especially in a reproducible way. The word ''technology'' can also mean the products resulting from such efforts, including both tangible tools such as Kitchen utensil, utensils or machines, and intangible ones such as software. Technology plays a critical role in science, engineering, and everyday life. Technological advancements have led to significant changes in society. The earliest known technology is the stone tool, used during prehistory, followed by the control of fire—which in turn contributed to the Brain size, growth of the human brain and the development of language during the Pleistocene, Ice Age, according to the cooking hypothesis. The invention of the wheel in the Bronze Age allowed greater travel and the creation of more complex machines. More recent technological inventions, including the printing press, telephone, and the Internet, have lowered barriers to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Human Capital
Human capital or human assets is a concept used by economists to designate personal attributes considered useful in the production process. It encompasses employee knowledge, skills, know-how, good health, and education. Human capital has a substantial impact on individual earnings. Research indicates that human capital investments have high economic returns throughout childhood and young adulthood. Companies can invest in human capital; for example, through education and training, improving levels of quality and production. History Adam Smith included in his definition of Capital (economics), capital "the acquired and useful abilities of all the inhabitants or members of the society". The first use of the term "human capital" may be by Irving Fisher. An early discussion with the phrase "human capital" was from Arthur Cecil Pigou: But the term only found widespread use in economics after its popularization by economists of the Chicago School of economics, Chicago School, in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fritz Machlup
Fritz Machlup (; ; born Friedrich Eduard Machlup; December 15, 1902 – January 30, 1983) was an Austrian-American economist known for his work in information economics. He was President of the International Economic Association from 1971 to 1974. He was one of the first economists to examine knowledge as an economic resource, and is credited with popularising the concept of the information society. Early life and career Machlup was born to Jewish parents in Wiener-Neustadt, then in the Austro-Hungarian Empire. His father was a businessman who owned two factories that manufactured cardboard. In 1920, he began studying economics at the University of Vienna, where he received his dr.rer.pol in 1923. At Vienna, he attended lectures by Friedrich von Wieser, and participated in seminars organised by Ludwig von Mises. In 1933, he moved to the United States, where he was a research fellow at the Rockefeller Foundation from 1933 to 1935. After the Nazi seizure of Austria in 1938, M ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Knowledge Economy
The knowledge economy, or knowledge-based economy, is an economic system in which the production of goods and services is based principally on knowledge-intensive activities that contribute to advancement in technical and scientific innovation. The key element of value is the greater dependence on human capital and intellectual property as the source of innovative ideas, information, and practices. Organisations are required to capitalise on this "knowledge" in their production to stimulate and deepen the business development process. There is less reliance on physical input and natural resources. A knowledge-based economy relies on the crucial role of intangible assets within the organisations' settings in facilitating modern economic growth. Overview Description A knowledge economy features a highly skilled workforce within the microeconomic and macroeconomic environment; institutions and industries create jobs that demand specialized skills to meet the needs of t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Scientific Revolution
The Scientific Revolution was a series of events that marked the emergence of History of science, modern science during the early modern period, when developments in History of mathematics#Mathematics during the Scientific Revolution, mathematics, History of physics#Scientific Revolution, physics, History of astronomy#Renaissance Period, astronomy, History of biology#Renaissance and early modern developments, biology (including History of anatomy, human anatomy) and History of chemistry#17th and 18th centuries: Early chemistry, chemistry transformed the views of society about nature.Galilei, Galileo (1974) ''Two New Sciences'', trans. Stillman Drake, (Madison: Univ. of Wisconsin Pr. pp. 217, 225, 296–67.Clagett, Marshall (1961) ''The Science of Mechanics in the Middle Ages''. Madison, Univ. of Wisconsin Pr. pp. 218–19, 252–55, 346, 409–16, 547, 576–78, 673–82#Hannam, Hannam, p. 342 The Scientific Revolution took place in Europe in the second half of the Renaissance pe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gross National Product
The gross national income (GNI), previously known as gross national product (GNP), is the total amount of factor incomes earned by the residents of a country. It is equal to gross domestic product (GDP), plus factor incomes received from non-resident by residents, minus factor income paid by residents to non-resident. In contrast to GDP, GNI is not a concept of value added, but a concept of income. GNI is the basis of calculation of the largest part of contributions to the Budget of the European Union. In February 2017, Ireland's GDP became so distorted from the base erosion and profit shifting ("BEPS") tax planning tools of U.S. multinationals, that the Central Bank of Ireland replaced Irish GDP with a new metric, Irish Modified GNI (or "GNI*"). In 2017, Irish GDP was 162% of Irish Modified GNI. GNI contrast with net national income : NNI = GNI - Depreciation The Atlas method can be applied to correct for fluctuating exchange rates. History and name change The ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Knowledge Economy
The knowledge economy, or knowledge-based economy, is an economic system in which the production of goods and services is based principally on knowledge-intensive activities that contribute to advancement in technical and scientific innovation. The key element of value is the greater dependence on human capital and intellectual property as the source of innovative ideas, information, and practices. Organisations are required to capitalise on this "knowledge" in their production to stimulate and deepen the business development process. There is less reliance on physical input and natural resources. A knowledge-based economy relies on the crucial role of intangible assets within the organisations' settings in facilitating modern economic growth. Overview Description A knowledge economy features a highly skilled workforce within the microeconomic and macroeconomic environment; institutions and industries create jobs that demand specialized skills to meet the needs of t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Knowledge Industry
Knowledge industries are those industries which are based on their intensive use of technology and/or human capital. While most industries are dependent in some way on knowledge as inputs, knowledge industries are particularly dependent on knowledge and technology to generate revenue. Some industries that are included in this category include education, consulting, science, finance, insurance, information technology, health service, and communications. The term "knowledge industry" was suggested by Austrian-American economist Fritz Machlup to describe these industries in the context of his new idea of the knowledge economy. Emergence The production of knowledge before the Scientific Revolution had little economic impact and was practiced on a small scale. Since that time knowledge has become one of the largest and most important industrial sectors in world commerce. The emergence of knowledge as an industry has been essential in perpetuating the modern capitalist system. A mo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Information Age
The Information Age is a historical period that began in the mid-20th century. It is characterized by a rapid shift from traditional industries, as established during the Industrial Revolution, to an economy centered on information technology. The onset of the Information Age has been linked to the development of the transistor in 1947. This technological advance has had a significant impact on the way information is processed and transmitted. According to the United Nations Public Administration Network, the Information Age was formed by capitalizing on computer miniaturization advances, which led to modernized information systems and internet communications as the driving force of social evolution. There is ongoing debate concerning whether the Third Industrial Revolution has already ended, and if the Fourth Industrial Revolution has already begun due to the recent breakthroughs in areas such as artificial intelligence and biotechnology. This next transition has been t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Business Intelligence Terms
Business is the practice of making one's living or making money by producing or buying and selling products (such as goods and services). It is also "any activity or enterprise entered into for profit." A business entity is not necessarily separate from the owner and the creditors can hold the owner liable for debts the business has acquired except for limited liability company. The taxation system for businesses is different from that of the corporates. A business structure does not allow for corporate tax rates. The proprietor is personally taxed on all income from the business. A distinction is made in law and public offices between the term business and a company (such as a corporation or cooperative). Colloquially, the terms are used interchangeably. Corporations are distinct from sole proprietors and partnerships. Corporations are separate and unique legal entities from their shareholders; as such they provide limited liability for their owners and members. Corpo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
