Valuation of Knowledge
Paul Romer, a professor of economics at Stanford, revolutionized the appreciation of knowledge as a valuable asset. As he says it is not just the "ingredients" (supply) that makes good food, it is the "recipe" (knowledge) that counts too. Better recipe, better food means better knowledge, more economic growth.
More recently, economists at Berkeley studied the value of knowledge as a form of capital, adding value to material capital, such as factory or a truck. Speaking along the same lines of their argument, the addition or 'production' of knowledge, could become the basis of what would undoubtably be considered 'post-industrial' policies meant to deliver economic growth.
Read more about this topic: Post-industrial Society
Famous quotes containing the word knowledge:
“Philosophical questions are not by their nature insoluble. They are, indeed, radically different from scientific questions, because they concern the implications and other interrelations of ideas, not the order of physical events; their answers are interpretations instead of factual reports, and their function is to increase not our knowledge of nature, but our understanding of what we know.”
—Susanne K. Langer (1895–1985)