Knowledge Economy and Smart City - Research Paper Example

The paper “Knowledge Economy and Smart City ” is a timeous example of a macro and microeconomics research paper. sharing knowledge and developing the new structure of the society based on the same. The knowledge economy is not only associated with the development of the country but at the same time, it is also associated with how a country is able to develop its human capital to make sure that the future development of the society is in the very safe hand. It is a proven fact that there are no proper ways or methodologies by which any individual or organization can measure describe or understand the importance of knowledge.

In recent times, science and technology have developed at a very fast pace, and at the same time, the popularity of the knowledge economy helps in the development of both technical and scientific improvement. It was not so long ago that people used to mostly rely on various kinds of natural resources as well as capital to achieve something; or in other words, dependency on natural phenomena was very high. However, with the passage of time, people all across the globe started to realize the importance of science and technology and implement the same in order to utilize the concept of knowledge economy largely.

In order to develop a knowledge economy, intellectual capability is one of the most important parameters that every country needs to rely on. In the modern era, the structure of the global economy is based on the development of the knowledge economy. All over the globe, it is a proven fact that the entire technologically developed nation uses the human capital as well as knowledge economy more strategically to ensure the level of development in the country. All across the globe, using high-end technology as well as a trained workforce helped all the smart cities to integrate the information as well as a communication system, and based on that the government in those cities takes all the major decisions.

All the knowledge assets in various smart cities are integrated with one another to enrich knowledge management and develop the country even further. The knowledge assets of any smart city include libraries, schools, hospitals, transport systems, law enforcement, power plants, and local information system and community services.