ABSTRACT
Knowledge is the primary means of wealth creation for a rapidly growing number of individuals, firms, and economies. Key industries in advanced economies in the late twentieth century – microelectronics, telecommunications, and computer software – as well as the twenty-first century’s high hopes – such as biotechnology and nanotechnology – are intensive users of brainpower.1 A significant proportion of workers in these industries are devoted to the creation and use of state-of-the-art knowledge, earning higher wages than their counterparts in less skill-demanding occupations. An ability to understand, process, and generate advanced knowledge is crucial to the success of these workers. Similarly, firms in high-technology industries rely heavily on the production and use of advanced knowledge as a key source of their value-added.2 Endowments of natural resources such as minerals, coal, and oil no longer determine the fortunes of economies. Today, knowledge is the key source of competitive advantage.
