Is The Uk A Knowledge Based Economy? Essay

2041 Words Dec 7th, 2016 9 Pages
Is the UK a knowledge-based economy? Discuss.

The knowledge economy contains many assets and it is changing the way society lives and works. Currently a market system that only began to exist to cope with the production of goods is now adapting to a world where knowledge is pivotal for success (Isles, 2013). This essay will begin to explore what is defined as a knowledge based economy, whether or not the UK is currently one, and what improvements can be addressed in order to stabilise the current form of the knowledge economy.

There is an array of definitions for what a knowledge based economy is. One of the best definitions is one provided by Ian Brinkley (2006), stating that the knowledge economy is something created when companies work with technology and well-educated individuals to the advancement of wealth in the company (The Work Foundation, 2006). This creates a rudimentary definition to insert which includes the fundamentals of what a knowledge economy should consist of. Another definition provided by the ESRC (2005) is that the success of an economy is based on the use of intangible characteristics including knowledge and skill as one of the leading supplies for a competitive advantage (The Work Foundation, 2006). This definition focuses on specifics of what a knowledge economy should entail of and the outcomes of utilising one. Predominantly, it is the focus on the general upskilling of work in the economy, to ensure technical and scientific advancement and an…

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