Making the Case for the Knowledge-Based Economy

Many scholars argue that information can lead to knowledge, and knowledge is a prerequisite

for development (see Ahmed, 2005; Ahmed and Al-Roubaie, 2012; Ahmed and Nwagwu,

2006; Danofsky, 2005; Hamel, 2005; Mansell andWehn, 1998;World Bank, 2008, 2012; United

Nations including UNDP, various years; etc.). In this regard, the Organisation for Economic Co-

operation andDevelopment (OECD, 1997) has underscored that“knowledge and information

tend to be abundant; what is scarce is the capacity to use them inmeaningfulways”.Moreover

UNESCO’s 32nd General Conference in 2003 focussed on “Building knowledge societies and

advancement of knowledge-based practices”as an essential component of globalisation and

sustainable economic growth, particularly in DCs.