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Knowledge is now recognized as the key to determining competitiveness in the 21st Century, which emphasizes the role of information, technology and learning in economic performance. This paper identifies the importance and characteristics of a knowledge-based economy and identifies the current position of the Korean economy in the process of transformation from a traditional resource-based economy to a new knowledge-based economy. Indicators of knowledge-based economy in terms of inputs and outputs are examined. The paper also examines policy alternatives for the successful transformations.