Libraries and the Knowledge-Based Economy (KBE)

KBE is an economy in which the generation, distribution and use of knowledge are the main drivers of growth, wealth creation and employment across all industries. Effective exploitation of information in organizations appears to be a distinguishing characteristic of this new socio-economic model. As a result, knowledge management (KM) has emerged as an important area in KBE. KM focuses on creation, codification, sharing, and application of knowledge within the context of an organization. There has been a wide-spread realization that for success in businesses, organizations, communities, nations, and societies in the KBE era, steps need to be taken to facilitate creation and use of knowledge at all levels. This new initiative has created unprecedented opportunities for institutions that deal with information and knowledge. It is obvious that libraries have always been on the fore front of facilitating access to information and knowledge.