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The Challenges Facing the Economy of Knowledge

LoraEnnisFeb 28, 2018, 10:38:32 AM

The economy of knowledge, as understood by the scientific businessmen is the sphere of the economy that includes the socioeconomic approach to using the information to affect the economy. This understanding, a notion first understood and implemented in the United States, has found its way through globalisation to other parts of the world. Globalisation operates based on the understanding that the world is currently a global village. This means that there is now no more need to hoard information within a specific area. This information can travel between continents in a matter of seconds thanks to the internet.

Regardless of the beauty of information and all that is included in the sharing of information, the knowledge economy still faces a few challenges that have in many ways derailed the passage of information. This, in truth, has to do with the many links of information transmission, not necessarily with one party.

Challenges of the Economy of Knowledge

Max Polyakov

One of the poignant challenges, as outlined by Max Polyakov in a few articles, is the lack of the right structural changes necessary to ensure the free flow of knowledge. In this ever-changing world, there is always a need for constant updating. Some of the institutions apportioned to impart this knowledge are usually unable to keep up with the times. This makes it rather hard to educate the people involved.

Another challenge is the lack of funds. Financial support is usually lacking in many parts of the world when it comes to the technical knowledge. For this to be solved, there is the need for many entities to come together to fund this project. However, gathering the funds necessary is still a bit of a problem for some of these technical bodies. This is why till now, inadequate funds is a challenge that needs to be overcome in order to ensure the spread of information and the acquisition of knowledge.

Any challenge can be overcome with the right tools in place. This is a reason why no matter the challenges, there is hardly any way that the globalisation process of information spreading could be curtailed. Max Polyakov is a good example of a scientist businessman who has managed to, with his association, defy the odds and establish an institution for the sharing of knowledge. Such is what is needed in the world today.