ABSTRACT
Before we can define the knowledge economy, we need first to explain what we mean by knowledge. Conventional definitions of the word tend to be complex and highly variable, so an easier way is to appeal to the DIKW hierarchy (referring to data, information, knowledge and wisdom). Data are isolated pieces of information with no meaning or practical application in their own right. Data can be the binomial bits in a computer, a table of numbers or the names of a set of unrelated objects. Information is data that is organized in such a way as to make it meaningful or useful. In particular, information is useful for decision making. For example, the latitudes and longitudes of a list of cities are data, but when they are organized into a map that makes it possible to plan a trip, they convey information.
