The Knowledge-centric Development is a system of consumption and production that is based on intellectual capital. In particular, it refers to the ability to capitalize on scientific discoveries and basic and applied research.
In a knowledge economy, a significant component of value may thus consist of intangible assets such as the value of its workers’ knowledge or intellectual property. In the knowledge economy, innovation based on research is commodified via patents and other forms of intellectual property.
The knowledge economy addresses how education and knowledge, that is, “human capital,” can serve as a productive asset or business product to be sold and exported to yield profits for individuals, businesses, and the economy. This component of the economy relies greatly on intellectual capabilities instead of natural resources or physical contributions.
As we embrace the knowledge era and focus on capacity building of rural youth, the opportunities in rural areas should, in principle, become higher than those in urban areas since the rural segment can now benefit from all three (agriculture, manufacturing and services) sectors of the economy.
There is a need for knowledge bridges to be built between cities and villages, and the creation of an ecosystem which has been conceptualized as a “cillage” — a synergistic combination of city and village.
Developing a “cillage” ecosystem would need a rooted and integrated approach to holistic education and research, technology development and management, as well as technologyenabled rural livelihood enhancement.
The disruption caused by the COVID-19 crisis, particularly in the context of loss of livelihoods at the base of the socio-economic pyramid, is bound to have a deep impact. It will need every effort to return to normal. Given that the new normal would, in any case, be quite different, the right course would be to channelize the stimulus caused by this crisis towards accelerating the shift to a new normal i.e. knowledge-centric development.