Question

Write a notes on Knowledge based industry.

Answer 1

Answer:

Knowledge industries are those industries which are based on their intensive use of technology and/or human capital.[1] While most industries are dependent in some way on knowledge as inputs, knowledge industries are particularly dependent on knowledge and technology to generate revenue. Some industries that are included in this category include education, consulting, finance, insurance, health service, and communications. The term "knowledge industry" was suggested by Austrian-American economist Fritz Machlup to describe these industries in the context of his new idea of the knowledge economy.[