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We define the knowledge economy as production and services based on knowledge-intensive activities that contribute to an accelerated pace of technical and scientific advance, as well as rapid obsolescence. The key component of a knowledge economy is a greater reliance on intellectual capabilities than on physical inputs or natural resources.

— Walter W. Powell

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Powerfully positioned middlemen extract value by interrupting or distorting information.

When the knowledge base of an industry is both complex and expanding and the sources of expertise are widely dispersed, the locus of innovation will be found in networks of learning, rather than in individual firms.

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Quote text and notes from Wikiquote: Walter W. Powell (page history), available under CC BY-SA 4.0. Source quality and labels are our own summary of what Wikiquote records.