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52 and Industry defined it as a knowledge-driven economy in which the generation and exploitation of knowledge play the predominant role in the creation of wealth (Economic Research Services Department, 2000). Meanwhile, the Organization for Economic Cooperation and Development (OECD, 1996) defined a keconomy as an economy that is directly based on the production, distribution, and use of knowledge and information.

Investment in human capital is critical in a k-economy. Human capital theory views education and training as an investment that can yield social and private returns through increased knowledge and skills for economic development and social progress (Schultz, 1963). The economic argument in favor of knowledge-based education and training is linked to the perceived need of the global economy. It is based on the assumption that economic growth and development are knowledge …