Knowledge-oriented vector of economic development

The global economy is undergoing a period of transformation, which is in turn affecting the economic landscape of countries around the world. The trend that commenced in the early 20th century persists. Currently, the accumulation of wealth through the application of human knowledge and creativity is progressing at a rate that is outpacing the creation of wealth through the production of output, extraction and processing of natural resources. The role of knowledge as a means of value creation in the economy is becoming increasingly significant. A defining feature of economic relations founded upon knowledge is their intrinsic reliance on human intellectual capabilities, rather than on material inputs or natural resources. The article offers an interpretation of the terms "knowledge-based economy", "knowledge economy" and "knowledge-based work", and considers the distinctive features of the knowledge economy.