The Role of Knowledge Based Economy On Business Institutions

Abstract A nation needs to be aware of the latest trends in the field of economy in order to be successful in the ongoing process of development to ensure maximum welfare of its citizens. In the modern world of science and technology, knowledge is the key word whether it is social life or economic life . Knowledge has taken up the key role in the deciding what is in store for a society and its people .Government, policy makers and educationalists have all the more increasing responsibility to ensure the best means of acquiring the required knowledge is imparted to the young generation who is the foundation of a nation's economy. Concrete plans and actions are the need of the day to prepare our people to meet the demands of the economic institutions and establishments. Knowledge Based Economy (KBE) have to pay prior attention for making investment in human capital and especially to business intuitions. In spite of the importance of knowledge based economy now days to any institutions still there is a lack of knowledge among most of today's firms regarding knowledge based economy, therefore , this review paper will discuss and compare the extent to which literature to find out the role of Knowledge Based Economy On Business Institutions.