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Published in:
2008 | OriginalPaper | Chapter
Introduction: Why We Need a New Theory of the Knowledge-Based Firm
Authors : Ikujiro Nonaka, Ryoko Toyama, Toru Hirata, Susan J. Bigelow, Ayano Hirose, Florian Kohlbacher
Published in: Managing Flow
Publisher: Palgrave Macmillan UK
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We are currently in the midst of great change, a condition which Lester Thurow (2003) called the third industrial revolution. It is a shift towards a knowledge-based economy, where knowledge is the most important resource, superseding the traditional management resources of land, capital, and labor (Drucker, 1993). This has stimulated more active discussion about the theory and practice of “knowledge management.” Yet most firms still have serious difficulty understanding the knowledge resource, and we still lack an effective theoretical framework for understanding the operations of the firm in the knowledge-based economy.