The Transition Of Knowlede-Based Economy

Q: What are the characteristics of knowledge parsimony? Discuss the ch each(prenominal)enges faced by Malaysia in building a knowledge thrift. 1.0 Introduction In this 21th century, discipline age lies upon us, in which of the advancement of information alteration was brought in a way of moving towards a globalise economy. In line with this context, the terminus of K-economy must be clarified. As such, the term of knowledge-based economy is resulted from the recognition of immensity of knowledge and applied science inwardly the emerging economy. Also, knowledge is embodied in piece be as human capital and technology that connexion to the economical nurture (OECD 1996; Ahmed n.d.). Over the years, many countries have established that its importance is growing, so to Malaysia. Currently, Malaysia is experiencing in revolutionary structural diversity from universe agriculture-based to production-based economy and currently towards knowledge-based economy (K-econ omy). The knowledge economy fall out provides us a platform to affirm the speedy economy harvest-feast as well as to achieve battle internationally in order to realize Vision 2020. As to attain Vision 2020, our government has established the Multimedia tops(predicate) Corridor (MSC) in 1996, in order to promote transformation towards K-economy by emergence the integration of information communication technology (ICT) into all kinds of economic activities (Mustapha et al. 2008). In addition, our former Prime Minister of Malaysia, Dr. Mahathir Mohammed said, the give wayment of a knowledge-based economy is extremely important for the country to sustain quick economic offset and enhance international competitiveness. Indeed, in that lieu is a need to strengthen our capability to innovate and lay down indigenous technology as well as better and market new products. By increasing the knowledge input, we lead be able to change from an input-driven strategy to a produc tivity-driven growth strategy (Mahathir 2001! ). Dr. Mahathirss speech at the Dewan Rakyat...If you want to permit down a full essay, order it on our website: OrderCustomPaper.com

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