We’re pleased to announce the publication of the latest Version (4.0) of our Knowledge Value Chain Handbook. Here’s an excerpt (with added emphasis) from the Introduction.
Knowledge is a fundamental resource of our economic lives. If you were going to enter the business of, say, manufacturing airplanes, you would want to hire people with substantial applied expertise in the sciences of metallurgy, electronics, and even polymers—all the basic building blocks of your product.
Most of us work and compete in what is widely acknowledged to be a knowledge-based economy. But we do not have a science of knowledge—because there isn’t one yet. Philosophy has a branch called epistemology that discusses the origins and characteristics of human knowledge—but that doesn’t qualify as a science in the sense that technologies and management practices can be consistently derived from its principles.
Even the basic economics of knowledge are open to study and debate. Classical economists like Adam Smith generally did not regard knowledge as a key economic component. The fundamental “factors of production” were land, labor, and capital—with knowledge and information barely mentioned as being essential to production.