Knowledge economy
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The knowledge economy is an economic regime where knowledge-intensive manufacturing and service-based activities dominate and the skills and innovations lie at the heart of the regional and national economies as opposed to a Fordist economy which is dependent upon a division of unskilled labour[1]. It is widely recognised that the UK is a knowledge economy with 40% of GDP accounted for by knowledge-based industries using UK national data[2] and the OEDC estimates that half of its members economies are now knowledge based.