Abstract

The structure of society and its underlying economic foundation are undergoing significant change and transition at the moment in which we live. In the ensuing decades, production, commerce, employment, and work will all seem significantly different from what they do now. In the knowledge economy, intellectual capital is the primary input. The primary components and knowledge that the system uses are explicit and implicit knowledge. Knowledge-based organisations, knowledge workers, and knowledge processes make up the majority of the constituents. Knowledge management is heavily emphasised through the generation, archiving, retrieval, and dissemination processes. The new economy includes high-tech manufacturing companies in addition to service-oriented businesses. The model grows when it produces innovations and evolutions. Competent personnel ought to process appropriate licences or credentials. They also possess relationship, technical, and problem-solving abilities. Inequalities concerning the chances and benefits of the various social groupings within a community are referred to as social divides.

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