What is the first economic development factor in the knowledge economy era'

Knowledge is the first element of economic development in the knowledge economy.

Knowledge economy is the mode of economic growth and economic development of human society in which knowledge operation is the mode of economic growth, knowledge industry becomes the leading industry, and knowledge economy becomes the new economic form. Knowledge economy is an economy based on the production, distribution and use of knowledge and information. Under the knowledge economy, knowledge is an important factor of production, dominant in production, and the knowledge industry has become the leading industry.

The knowledge economy view is that, in contrast to economic growth that relies on the input of some factors of production such as materials and capital, the growth of the modern economy depends more and more on the growth of the knowledge content of it. Knowledge in the creation of value in modern society, its effectiveness has been far higher than the traditional factors of production of people, property and materials, and has become the most basic element of all the elements to create value. Therefore, knowledge is the first factor of economic development in the knowledge-based economy.