Higher Education and a Knowledge Based Economy

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The modern society has witnessed the advent of the era of the "knowledge based economy" where the future of education will be profoundly impacted upon by the knowledge management of the labour force. That is, the ability to use knowledge as a resource which is the embodiment of the human intellectual acumen.


Of course all this would have implications for the area of higher education and this area has been discussed in depth by many academics like Nonaka, 1991 and Wiig, 1993.Knowledge is "power" and a key business asset and this will no doubt lead to an increased demand for education and training of the modern individuals .For the purposes of this paper I would present knowledge to be not only a member of the "steadily increasing" corporate assets (which amongst others are patients ,goodwill and brand identity etc) but also as "meaningful information; or the understanding, awareness, familiarity acquired through study, investigation, observation or experience over the course of time (citing Zelner , 2000)".(Psarras 2006).Basically then in the context of higher education it becomes an " individual's interpretation of information based on personal experiences, skills and competencies" (Psarras 2006).
The impact on higher education of the knowledge based economy thus requires the need for instilling the culture of effective Knowledge management into the learning and education as a whole. ...
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