Knowledge production and economy

Knowledge is produced at every stage in the development of human race. Knowledge is distinct from intellect; it is acquired, rather than inborn. If one looks at this process it is found that harvested knowledge gradually moves from socio to socio-economic zone. It implies that knowledge plays a crucial role in the development of economy. In the socio-economic perspective, public and private knowledge gets developed based on the individual’s value. Individual’s values bring in another aspect about knowledge, which is also defined as “the sum total of facts, beliefs, and heuristics.”
The advances in information technology have expanded the amount of information available in the world. This has created an explosion of knowledge and brought about further dramatic progress in products and services.