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Creating Knowledge Society for Economic and Social Growth in Africa: The Ten Fundamental Pillars
Abstract
Knowledge use in socio-economic activities is a critical determinant of the divide between countries and regions into low-productivity-low-wage and labour intensive socio-economic activity countries on the one hand, and high-wage-high-productivity and technology abundant countries on the other hand. Therefore, it is indisputable that the creation of knowledge society is imperative for African countries. Economic transformation from low-productivity-low-wage and labour intensive socio-economic activity countries to high-wage-high-productivity and technology abundant countries predominantly define the socio-economic policy aspirations of most African countries. However, it has never been very clear what are the fundamental pillars that must be built and constantly reinforced by these countries to transition to knowledge society stage. This chapter first presents an empirical connection and contribution of knowledge to higher productivity in economic activities. The importance of infusion of knowledge into diverse economic activities to ensure higher levels of productivity both at micro and macro levels is therefore demonstrated through quantification attempts that include knowledge as one of the variables in Total Factor Productivity (TFP) equation. This empirical discussion serves to illuminate the place of knowledge in economic transformation. The second part of the chapter presents an incisive exposition of the critical ten pillars of knowledge creation, sharing, and usage that African countries can leverage to transition from economies defined by low productivity to higher levels of productivity. The chapter concludes that it is the improvement in the collective stock of knowledge of the African countries that would determine whether they could make a transition to a high productivity knowledge society.
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