ABSTRACT
Knowledge plays such an important role in a modern economy like electricity in the times of industrial economy. It is a core factor of production (Nelles and Vorley 2010). In the 1960s, the term “the knowledge industry” (by F. Machlup) and later “the knowledge economy” (by P. Drucker) began to become popular. The crucial role of knowledge was best emphasized by Drucker: “knowledge has become the central factor of production in an advanced developed society.” In simple words, he stated that “the key to producing more work was to work smarter (instead of harder); the key to productivity was knowledge (instead of sweat)” (Beerkens 2008).
