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A Systemic Approach to the Growth of Knowledge Driven Economy

Journal: International Journal of Mechanical and Production Engineering Research and Development (IJMPERD ) (Vol.10, No. 3)

Publication Date:

Authors : ; ;

Page : 3181-3192

Keywords : Economy; Knowledge; Sustainability; Research & Commercialisation;

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This paper presents a systematic approach to the growth of knowledge driven economy for developing nations. Knowledge driven economies are more sustainable as the dynamics of product market value is driven by new innovative technologies and optimally processes improved. The creation of an enabling environment by governments has resulted in the generation of several patents. However, most countries including India and Zimbabwe have failed to unlock value from the available intellectual property from their respective countries. The Indian economy has been performing well for the past two decades, the success has been based on the ability of the local population to consume the manufactured goods. However, the economies from developing nations have the potential to improve if the economies are turned to be knowledge driven economies. A review of different economies from the developed countries was carried out and benchmarked from those from the developing nations. The findings imply that it is essential for the nation to overcome barriers by implementing reliable strategies for their transition to knowledge economies and improving and enhancing appropriate investments in human capital, effective institutions, relevant technologies and innovative and competitive enterprises to facilitate such a transition. A systematic approach was designed in order to turn a developing nation into a more sustainable knowledge driven economy

Last modified: 2021-01-06 14:20:56