UNDERSTANDING KNOWLEDGE ECONOMICS AND ITS IMPORTANCE FOR UZBEKISTAN'S ECONOMIC DEVELOPMENT

Abstract

The concept of knowledge economics highlights the importance of knowledge as a valuable
resource in the post-industrial society. This article delves into the various definitions of knowledge economics
proposed by different scholars and institutions such as the World Bank. The widespread use of information
and knowledge characterizes the knowledge economy, which is vital for the development of products and
services, and consequently, for the competitiveness of countries in the global marketplace. The article
emphasizes the need for increased investment in research, modernization of the vocational education system,
and principles such as lifelong education. It also highlights the importance of customer satisfaction and the
relationship between good customer service and sales growth. Furthermore, the article discusses the
distinguishing features of the knowledge economy such as increased costs for research, the development and
modernization of the vocational education system, and the implementation of the principle of “lifelong
education.” The individual's intellectual and creative abilities are also highlighted as an essential factor in the
knowledge economy. The article concludes that knowledge economics is crucial for the economic
development of countries, including Uzbekistan, and that research in this field is vital to introduce elements
of the knowledge economy into Uzbekistan's economy.