1. Knowledge should be a free and not a commodity. In a contemporary society, knowledge is considered to be a long-termed process that enables a person to perform tasks. Knowledge is considered to be a basic prerequisite and something that is intrinsic in nature. It is an intensified recognition and considered as a corporate asset that provides greatest competitive advantage. According to Altbach (2015) knowledge is considered to be of economic advantage and meaningful resource that establishes and treats the knowledge management. From the content perspective, knowledge is viewed as codified and stored repositories that allow knowledge to be retained and shared. Arguably, knowledge should be considered to be a free-floating entity that is understood as provisional, relational and primarily text-bounded. From this perspective, knowledge is considered to be process of knowing and the ability of an individual to act (Filieri and Alguezaui 2014).
From the content perspective of epistemological standpoint, knowledge is treated as a commodity that can be easily exchanged between people and managed independently by the knower. However, knowledge should be treated away from commodity and as an independent free asset. It is unquestionable and human related that works towards the benefit of people that acts knowledgeable. Arguably, from the relational perspective, it seems to deny knowledge as a substantiate commodity whatsoever. In the view of relational writers, knowledge is limited to social relations that give a narrow view of knowledge (Jacob 2014).
The technocentric content view treats the knowledge as commodity that is easily transported and can be exchanged between organizations. In addition, anthropocentric view treats knowledge as a pure subtle, tacit and based on experience. It also views knowledge as a manipulation of the social relations. It is frequently used with information and viewed as textual content (Antonelli and David 2015).
Knowledge should not be considered as commodity and it is inexpensive, free and easy to achieve. In today’s world, knowledge is viewed as a raw material that is economic and easily accessible. However, knowledge is awareness, familiarity or understanding of something or someone. It is a collection of facts, descriptions, information or skills that are acquired through education or experience via discovering, learning or perceiving. It is not a commodity and a theoretical understanding of a subject. It is the interpretation of data that is free and intrinsic in nature. In contrast, in today’s world, knowledge acts as a fuel that runs the organizational economy and gain benefits (Hausmann 2013).
In today’s world, the scenario of knowledge production and distribution is changing. New technologies and agents are diversifying the traditional methods of knowledge production and distribution. Knowledge is a fictitious commodity that substantiates economy and called knowledge-based commodity. The distribution of knowledge is via formal and informal ways that are the essential components for economic performance. It is increasingly codified and transmitted through the information technology, communication networks and computers called the information society. There is requirement of skills and adaption to codified knowledge that is required in tacit knowledge that is the underlying reason for the continuous learning. In the era of knowledge-driven economy, innovation is driven via the interactions between the users and producers where they exchange codified and tacit knowledge (Machlup 2014). Information technology is related to knowledge, media and computer networking. The intensity of knowledge or information is related to the efficient production of knowledge. Media technology increases the production and distribution of knowledge that becomes accessible through data based networking that interplays between users and producers. The distribution of knowledge in a economy based approach is the possession of knowledge and applying it to solve a problem. It is an aggravated collective distribution of knowledge where the knowledgeable people unite in a community to solve a problem with the help of information technologies and media (Machlup 2014).
2. Innovation is a process where new ideas that hold social and economic value It acts as a instrument that aids in delivering the productivity and economic benefits that are associated with investments and development of key innovative tools. It is a way to tackle the major social challenges and improve the quality of life (Tirole 2015).
Investment in innovative technologies is a risky process. It has uncertain outcomes and requires a large amount of funding. Therefore, in the process of investing in innovation, there are key market failures that affect the mechanism process. The failures include knowledge or technological spillovers, appropriability and public goods, network or coordination failures and imperfect asymmetric information (Bleda and Del Rio 2013).
Knowledge or technological spillovers is the process of end result while undertaking innovation. For example, the product is the end result of an innovation that is capable to generate positive externalities. However, from a private market perspective, innovative projects are unprofitable and might be capable of drawing large social benefits, so it is considered to be a market failure and withdrawn (Barbaroux 2014).
Appropriability and public goods are another market failure. For example, the ideas and knowledge are non-excludable and people cannot be excluded to avail the benefits that are generated from innovation. It is not possible for the people to pay individually for the availed benefit from innovation and as a result, the private firms give up the innovative projects (Mazzucato 2016).
Network failures or lack of coordination is another failure, however, the private firms does not invest in innovation alone. This leads to problems that have an adverse effect on the coordination of the companies while interaction or during the delivery of innovation. For example, in research and development, there are number of problems that arise due to difficulties in coordination between the companies. There is also problems that give rise to inadequate access by the smaller companies to the innovation system (Fagerberg, Martin and Andersen 2013).
Asymmetric or imperfect information is a major failure that affects the financial markets investing in innovation. Funding is the major issue that is required in large amounts to invest in innovation as it is risky with unpredictable outcomes. For example, the small and medium enterprises (SMEs) who are engaged in high-tech innovative projects may find it difficult to get funding for the proposed information.
Innovative projects are greatly harmed by market failures and there is requirement of innovative policies or schemes that make innovation sub-optimal and interventions that are formed in a way that has a possibility to increase the innovation level.
An innovation policy is required to be developed by the economists in the light and encouragement in the path of innovation. The Innovation Policy that is developed by the World Bank Group and Organization for Economic Co-operation and Development (OECD) provides a platform that provides easy access to the learning sources, knowledge, practice of design with implementation and evaluation of the policy. It helps the udders to learn the operation of innovation systems with good practices, statistical benchmarking and application of solutions to policy problems. It helps in the facilitation of knowledge, its exchange and collaboration between the regions and countries. Innovation policy in Australia is developed from the national innovation system (NIS) perspective that addresses the notions in market failure that focuses on public sector commercialization and in the international emulation (Lember, Kattel and Kalvet 2014). This policy adopts the NIS framework by the national governments and policy organizations at the international level.
Innovation policy is a form of public action that encompasses the research and development policy, infrastructure policy, technology policy, educational and regional policy that focuses on every aspect of innovation apart from science and technology. It helps to address the market failures in key innovation that makes the efficient use of knowledge. The objectives of this policy are to address the productivity and economic growth, competitiveness and increased employment. Innovation policy intervention helps to balance the activities of markets and governments in the path of innovation. Moreover, in Australia, the free market trajectory addressed in policy-making is being complemented, extended and focused to complex-evolutionary system thinking and coordination (McCann and Ortega-Argilés 2013). This innovation policy addresses the market failure and the policy makers are focused on the incorporation and continuation of the science and research instead of demand driven approaches.
Altbach, P., 2015. Knowledge and education as international commodities. International higher education, (28).
Antonelli, C. and David, P., 2015. The Economics of Knowledge and the Knowledge Driven Economy. Routledge.
Barbaroux, P., 2014. From market failures to market opportunities: managing innovation under asymmetric information. Journal of Innovation and Entrepreneurship, 3(1), p.5.
Bleda, M. and Del Rio, P., 2013. The market failure and the systemic failure rationales in technological innovation systems. Research policy, 42(5), pp.1039-1052.
Fagerberg, J., Martin, B.R. and Andersen, E.S. eds., 2013. Innovation studies: evolution and future challenges. OUP Oxford.
Filieri, R. and Alguezaui, S., 2014. Structural social capital and innovation. Is knowledge transfer the missing link?. Journal of Knowledge Management, 18(4), pp.728-757.
Hausmann, R., 2013. The Tacit Knowledge Economy. Project Syndicate. Available at: https://www. project-syndicate. org/commentary/ricardo-hausmann-on-the-mental-sourcesof-productivity-growth (accessed 30 October 2013).
Jacob, M.C., 2014. The first knowledge economy. Cambridge Books.
Lember, V., Kattel, R. and Kalvet, T., 2014. Public procurement, innovation and policy. International Perspectives.
Machlup, F., 2014. Knowledge: its creation, distribution and economic significance, Volume I: Knowledge and knowledge production (Vol. 1). Princeton University Press.
Machlup, F., 2014. Knowledge: Its Creation, Distribution and Economic Significance, Volume III. Princeton University Press.
Mazzucato, M., 2016. From market fixing to market-creating: a new framework for innovation policy. Industry and Innovation, 23(2), pp.140-156.
McCann, P. and Ortega-Argilés, R., 2013. Modern regional innovation policy. Cambridge Journal of Regions, Economy and Society, 6(2), pp.187-216.
Tirole, J., 2015. Market failures and public policy. American Economic Review, 105(6), pp.1665-82.
To export a reference to this article please select a referencing stye below:
My Assignment Help. (2018). Knowledge Should Be A Free And Not A Commodity In A Contemporary . Retrieved from https://myassignmenthelp.com/free-samples/knowledge-should-be-a-free-and-not-a-commodity-in-a-contemporary.
"Knowledge Should Be A Free And Not A Commodity In A Contemporary ." My Assignment Help, 2018, https://myassignmenthelp.com/free-samples/knowledge-should-be-a-free-and-not-a-commodity-in-a-contemporary.
My Assignment Help (2018) Knowledge Should Be A Free And Not A Commodity In A Contemporary [Online]. Available from: https://myassignmenthelp.com/free-samples/knowledge-should-be-a-free-and-not-a-commodity-in-a-contemporary
[Accessed 27 February 2021].
My Assignment Help. 'Knowledge Should Be A Free And Not A Commodity In A Contemporary ' (My Assignment Help, 2018) <https://myassignmenthelp.com/free-samples/knowledge-should-be-a-free-and-not-a-commodity-in-a-contemporary> accessed 27 February 2021.
My Assignment Help. Knowledge Should Be A Free And Not A Commodity In A Contemporary [Internet]. My Assignment Help. 2018 [cited 27 February 2021]. Available from: https://myassignmenthelp.com/free-samples/knowledge-should-be-a-free-and-not-a-commodity-in-a-contemporary.
Getting nightmare regarding pending chemistry assignment? Then it is high time you consider hiring chemistry assignment help service of MyAssigemnthelp.com. We at MyAssignmenthelp.com deliver quality subject specific assistance on more than 100+ subjects. For us, students' need is foremost, and we work round the clock to offer science, humanities and commerce assignment help. Among Commerce wing, our one of the most popular services is capital budgeting assignment help. In science segment, we have gained popularity with biology assignment help.
Answer Applying Ethical Theory Introduction The discussion will be made on University of Arizona by focusing on the ethical implications that can help to gather the data in context to the students for the overall research. The risks are also related with the ethical principles that help to maintain the risk related with the cyber-attacks. The University of Arizona has given Cat Cards to the students as it can help the students to enter into ...
Read MoreAnswer Strategic Information System Part 1- External Analysis Overview of Woolworths Woolworths Supermarket is Australian grocery store which is being owned by Woolworths limited. The company was founded in the year 1924 which has taken over more than 80% of the Australian market (Woolworths.com.au. 2018). The company mostly specialises in various kinds of groceries along with selling magazines and health and beauty care products. Woolworth...
Read MoreAnswer a) Synthesis Matrix My research topic/question: _Application of IoT in Farming Kamilaris Ryu Bandyopadhyay Aazam Benefits of IoT in Farming All IoT devices including sensors and controllers have to be connected with the &Cube, and then the &Cube could register them into the Mobius through the REST APIs (p. 447) all the interfaces used in the smartphone application are REST APIs p...
Read MoreAnswer Sustainable Business Management Part A: Description of the organization The Moose Creative Management Pvt. Lid., popularly known as moose toys is referred to an Australian owned toy design, development as well as distribution company which was founded in the year 1985. Moose products are sold in more than 85 countries and the company is currently considered to be the fifth largest toy manufacturer of Australia and fourth largest in t...
Read MoreAnswer: Reasons for Company’s Launch Despite Limited Supply The Microvision technological company went ahead with launching the product despite having extremely limited supply due to the following reasons: The Company’s chief executive officer Alexander Tokman was subjected to a lot of pressure from the shareholders of the company with high expectations from the company for example been awarded exclusive offers. In order to meet t...
Read MoreJust share requirement and get customized Solution.
Orders
Overall Rating
Experts
Our writers make sure that all orders are submitted, prior to the deadline.
Using reliable plagiarism detection software, Turnitin.com.We only provide customized 100 percent original papers.
Feel free to contact our assignment writing services any time via phone, email or live chat. If you are unable to calculate word count online, ask our customer executives.
Our writers can provide you professional writing assistance on any subject at any level.
Our best price guarantee ensures that the features we offer cannot be matched by any of the competitors.
Get all your documents checked for plagiarism or duplicacy with us.
Get different kinds of essays typed in minutes with clicks.
Calculate your semester grades and cumulative GPa with our GPA Calculator.
Balance any chemical equation in minutes just by entering the formula.
Calculate the number of words and number of pages of all your academic documents.
Our Mission Client Satisfaction
Not good experience, the answer is not fully right, it was not the perfect solving problem. there are some small mistakes in the homework.
Australia
The expect did an amazing job with my Linux assignment. Thanks to the support team that see to it that my my assignment got completed with the rightful requirements.
Australia
Allowing MAH to assist me with my homework was one of the best decisions I could have made this week! I was able to work, keep all of my mom\'s 2 doctor\'s appointments and still not miss my assignment.
Australia
I am so satisfied with the results I received with he help of MAH\'s experts!. My instructor commented that my assessment was well considered and that I had good references. I received 100% grading!
Australia