Abstract
Objectives: The study is conducted to find relationship between socioeconomic characteristics and awareness of respondents about the concept of knowledge economy as these characteristics are considered vital to develop one’s perception. Methods: Survey method is used to collect the data. Total 606 respondents (teachers, students, administrators) are selected randomly from three private and three public universities of Punjab, Pakistan. Information is gathered through interview schedule. Descriptive and inferential statistical techniques are used for analysis. Pearson Chi-Square, Likelihood Ratio, Linear-by-Linear Association and Gamma tests are applied for bivariate analysis and multivariate analysis is done with the help of binary logistic model of regression. Findings: It is found that out of 606 respondents 391(64.5%) respondents were aware of the term of knowledge economy but 215 (35.5%) were unaware of the term that is alarming. Most of the respondents were young belong to the age groups of 15-20 and 21-25. Second characteristic was the sex distribution of the respondents, out of 606 respondents 337 females participated in the research. Third attribute was the qualification level of the respondents as already mentioned that most of the respondents were young since the qualification of the majority of them were BS/B.Sc and M.A/M.Sc. Fourth characteristic was monthly income of the family, participant from all backgrounds equally participated in the research as 195 (32.2%) respondents were from families who earned 20000 with 40000, 172 (28.4%) respondent’s family earned 41000 to 60000, family income of 133(21.9%) respondents were 61000-80000 and 106 (17.5%) respondents belong to families who’s earning were 81000 and above. Application: These findings can help to understand the relationship between awareness level and socioeconomic characteristics of respondents for policy making. Keywords: Awareness about the Concept of Knowledge Economy, Socio-economic Characteristics
Highlights
In previous decades numbers of researches were conducted to understand the importance of knowledge economy for the economic development of the society
The results showed that there is significant association between socio-economic characteristics and awareness level of people about the concept of knowledge economy
Hypothesis 1: Younger the respondents higher is the familiarity with the term knowledge economy versus the older the respondents lower the familiarity with the term knowledge economy
Summary
In previous decades numbers of researches were conducted to understand the importance of knowledge economy for the economic development of the society. The sum of all researches is that knowledge economy has become crucial element of economic growth. In1 suggested that there is need to uncover the factors enabling or impeding the process of knowledge creation and innovation. These factors will help to analyze the challenging role played by knowledge in global economy. Such analysis will explain the ways through which societies can reduce the cognitive distance and increase the connectivity between knowledge and economy.
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