What is the Knowledge Society?
knowledge Society: The term knowledge society refers to a society in which the creation, dissemination, and utilization of information and knowledge has become the most important factor of production. In such a society, knowledge assets are the most powerful producer of wealth, sidelining the importance of land, the volume of labour, and physical or financial capital.
The term knowledge society has several meanings. First, it is used by social scientists to describe and analyze the transformation toward so-called postindustrial society. Second, it is used to refer to a normative vision that nations or companies should aspire to fulfill. Third, it is used as a metaphor, rather than a clear-cut concept, under which various topics are examined.
It is used interchangeably with notions such as ‘knowledge economy’, ‘knowledge driven economies’, ‘economies of innovation’ and the ‘information society’.
A knowledge society is a formal association of people with similar interests, who try to make effective use of their combined knowledge about their areas of interest and in the process, contribute to this knowledge.
Knowledge society as a society that operates within the paradigm of the economics of information. It values human capital as the prime input to production and innovation. A knowledge society is well connected via modern ICTs to the dematerialized economy, and has access to relevant and usable information. A highly sophisticated physical infrastructure underpins this economic model and allow the delivery of the material objects that are accessed and manipulated in the dematerialized world of modern ICTs.