Knowledge Management Supremacy in Economic and Managerial Life

Abstract

Undoubtedly, it is easy to spot that in contemporary society the emphasis on private knowledge became more significant. This type of knowledge has a greater impact on the competitive advantage of a firm than classic factors of production (labor, capital, land). The value of individual or company-level knowledge comes primarily from the fact that it is an intangible asset, and it would be correct to note here that it does not depreciate, but on the contrary, self-generates value continuously. Thus, in the context of rapid globalization and the exponential growth of the IT and communication technologies, the idea of a knowledge-based economy emerged. Opening up the ways to make the knowledge-based economy become reality should currently be on the agenda of every state that wishes to stay competitive in the modern world.