Are bio-economy dimensions new stream of the knowledge economy?
| Pages | 142-155 |
| Date | 03 April 2018 |
| DOI | https://doi.org/10.1108/WJSTSD-06-2017-0014 |
| Published date | 03 April 2018 |
| Author | Elsadig Musa Ahmed |
| Subject Matter | Public policy & environmental management,Environmental technology & innovation |
Are bio-economy dimensions
new stream of the
knowledge economy?
Elsadig Musa Ahmed
Faculty of Business, Multimedia University, Melaka, Malaysia
Abstract
Purpose –The purpose of this paper is to explain bio-economy dimensions as a new stream of
knowledge-based economy that exists in the new era of the information and communications technology.
Design/methodology/approach –Bio-economy refers to the production of a wide range of goods and
services from plant, animal and forest-based material. It is more than just grain-based bio-fuels or bio-diesel as
extensively highlighted in Latin America. It is related to biotechnology and other bio-activities based on
knowledge generated from the bio-activities and extension of the knowledge-based economy.
Findings –The main concern of developing bio-economy is the environmental damage caused through the
undesirable output produced by the bio-economy activities. Bio-economy is centred on research and
development (R&D) collaborations across different sectors, including the public and private sectors, in order
to breakthrough new products through invention and innovation.
Originality/value –For bio-economy to be realised and put into practice, it should have a well-developed
regulatory framework as a platform in order to run and work smoothly.
Keywords Knowledge-based economy, Environment, R&D, Regulatory framework, Bio-economy
Paper type Conceptual paper
Introduction
The knowledge-based economy replaced the information economy; this was done through
the introduction of information and communications technology (ICT) that provided
advanced hardware and software applications that facilitate the economic activities and
bridged the digital divide around the globe. It should be recalled that the term
“bio-economy”was first used by the Biomass Research and Development Board in 2001 to
describe a revolution and technological return to a sustainable past through the
implementation of a new model of economic development, as stated by Pavone (2013).
The bio-economy refers to the production of a wide range of goods and services, from plant,
animal and forest-based material. It is more than just grain-based bio-fuels or bio-diesel.
According to Johnson and Altman (2014), the term bio-economy includes counterparts
for everything for which petroleum is currently used, and for other things as well. In the bio-
economy, we will replace petroleum (as well as coal and natural gas) with biomass-based
material. So, plastics, nutraceuticals, pharmaceuticals, and all kinds of bio-manufacturing
will be part of the bio-economy (Brown, 2003).
OECD (2009) explained that the bio-economy is a transformation of the entire
economy, and perhaps even social structure. Meanwhile, the utmost extensive definition
is that of the OECD “the aggregate set of economic operations in a society that use the
latent value incumbent in biological products and processes to capture new growth and
welfare benefits for citizens and nations”.
Moreover, Morrison (2012) said that, in re-writing the past, the bio-economy concept
became a comprehensive interpretative framework through time for understanding and
swaying the present and the future simultaneously. The bio-economy has become a
standpoint on society and its relationship with nature (Pavone, 2013).
According to the OECD (2009), several definitions of bio-economy explain that the
common factor is that technology provides answers for the major problems of mankind if it
World Journal of Science,
Technology and Sustainable
Development
Vol. 15 No. 2, 2018
pp. 142-155
© Emerald PublishingLimited
2042-5945
DOI 10.1108/WJSTSD-06-2017-0014
The current issue and full text archive of this journal is available on Emerald Insight at:
www.emeraldinsight.com/2042-5945.htm
142
WJSTSD
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