ABSTRACT
However, it was not until the late 1980s and early 1990s that theorists began to think in specific terms about the role of knowledge in business. Some conceived of knowledge as a kind of catalyst, necessary in order to make capital and labour productive. Others thought of knowledge as a form of capital in its own right, a factor
of production (see Chapter 6). Theories are still being developed in this new field, but most people are now aware of the importance of knowledge in business. A new sub-discipline of knowledge, ‘knowledge management’, has been created and a body of literature has been established and is accumulating rapidly.
