Undoubtedly, Any country seeks to develop a knowledge economy and sustain long-term economic growth. So, these are basic requirements that any country should fellow to get a knowledge economy.
The 4 pillars of the knowledge economy
1- Economic Incentive and Institutional Regime
It is considered A regulatory and economic environment that enables the free flow of knowledge, supports investment in Information and Communications Technology (ICT), and encourages entrepreneurship is central to the knowledge economy.
A regime that provides incentives that encourage the use and allocation of existing and new knowledge efficiently will help to foster policy change. The economic environment must have good policies and be favourable to market transactions, such as being open to free trade and foreign direct investment. The government should protect property rights to encourage entrepreneurship and knowledge investment.
2- Information Infrastructure
The third pillar is a dynamic information infrastructure that facilitates the effective communication, dissemination, and processing of information and technology. In fact, The increased flow of information and knowledge worldwide reduces transactions costs, leading to greater communication, productivity, and output.
3- Education and Training
Any country looks forward to improvement, need to an educated and skilled population to help create, share and use knowledge. A more educated society tends to be more technologically sophisticated, generating higher demand for knowledge. the well-educated and skilled population that creates, shares, and uses knowledge efficiently. Also, Education, especially in the scientific and engineering fields, is necessary to achieve technological growth.
4- Innovation Systems
It is an efficient innovation system of firms, research centres, universities, think tanks, consultants, and other organizations that applies and adapts global knowledge to local needs to create new technology. The generation of technical knowledge leads to productivity growth.
These systems are necessary to tap into the growing stock of global knowledge, assimilate and adapt it to local needs, and create new knowledge.