Question

How does a knowledge economy differ from a post-industrial economy?

1. A knowledge economy is a later phase of a post-industrial economy, emphasizing the creation and application of knowledge.
2. A post-industrial economy is characterized by a dominance of knowledge-based activities, while a knowledge economy focuses on manufacturing.
3. Both terms describe an economic system where services and information are paramount.
4. A knowledge economy relies more on physical labor and less on skilled intellectual work compared to a post-industrial economy.

• A. ii, iv
• B. i, iii
• C. iii only
• D. i only

Answer 1

Answer:

B. i, iii

• The knowledge economy can be viewed as an evolution or a specific manifestation of a post-industrial economy.

• A post-industrial economy is generally understood as an economic phase where the service sector surpasses the industrial (manufacturing) sector in importance.

• The knowledge economy builds upon this foundation by specifically highlighting the central role of knowledge, information, and intellectual capital in driving economic growth and innovation.

• While both emphasize services and information, the knowledge economy places an even greater premium on the creation, dissemination, and application of knowledge as the primary engine of progress.