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In a K-based economy, knowledge is the most critical factor of production. It generates more...
In a K-based economy, knowledge is the most critical factor of production. It generates more
wealth than the other traditional factors of production, land, labour and capital. It is also a
commodity in itself. This is in contrast to a production-based economy, where knowledge plays
a less prominent role, and growth is driven largely by the accumulation of the traditional factors
of production. In a K-based economy, educated and skilled human resources, or human capital,
is the most valuable asset.
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