Introduction

World-renowned author Peter Drucker is not only known for his insights on management, but also for advocating the rising importance for a knowledge economy. Drucker once stated that, “The basic economic resources – ‘the factors of production’, to use the economist’s term, is no longer capital, nor natural resources… nor ‘labour’. It is and will be knowledge.”1 Knowledge is the driving force of today’s economy. Due to its increasing returns, it ensures that the economy will continuously expand. This is explained by the New Growth Theory, that the marginal product of human capital is constant rather than diminishing. To establish a knowledge-based economy it is essential to form a Creative Class that is comprised of individuals who utilise their intellectual capital and aid in the formation of a creative economy. To foster the rise of the Creative Class, a high-quality education system and lifelong learning need to be developed and maintained.......

Join Now to view the rest of this term paper!
Members: Login to view this research paper.

Title: Knowledge And The Creative Class
Approximate Word Count: 5242
Approximate Pages: 21 (250 words per double-spaced page)

With the Term Papers Lab Membership Pass, you get instant access to every essay on this site, including this essay on Knowledge And The Creative Class, for as long as you remain a member.

Other essays sites charge almost $100 for a single term paper. At Term Papers Lab, you can get instant access to over 100,000 research papers for as little as $29.95!