I too really enjoy this concept. Each person has skills and knowledge to contribute to the economy. As a country, we are made up of the collective skills and knowledge of our citizens. As a country, we were founded on the principal that we are talented and industrious. We have continued to build on that until we have earned a reputation as a world leader. Without this level of contribution, we lose our edge.
In the broadest sense, this question is asking you to consider how what you do will fit into the schematic of society. While thats daunting to think about, it's also quite exciting. In what ways do legal professionals, something you evidently intend to be, impact the rest of society? A case could be made that protecting people from themselves, from others, and even from the government in terms of the Constitution and other laws of the land is just as important as the physical protection provided by the police and fire and EMT departments across the country. Interesting to think about!
I agree with #2 - this is a great essay because how you respond to it depends on your own interests and planned career path. You need to make it clear how your future plans for your career will contribute to "the knowledge economy" and offer an expertise that is not readily available. That means you need to have a very good idea on what future role you are working towards and you need to be able to explain its use to society at large.
In this question, your instructor wants your specific opinion about your career choice and how it will fit in to the economic category of knowledge. Be sure to tailor your answer to fit what the instructor is asking.
The reference definition from eNotes is as follows:
" The concept that supports creation of knowledge by organizational employees and helps and encourages them to transfer and better utilize their knowledge that is in line with company/organization goals "
When I think of the "Knowledge Economy", I think of those individuals and companies who are paid for their expertise in areas, as opposed to the particular physical skills they have. An attorney fits into this definition, as does a judge or a paralegal, because they specialize in knowledge that is not widespread among the general population, and it is knowledge that is in particular demand.
All legal matters involve either civil or criminal issues, and most people are willing to pay more for such services than they would people from other industries because so much is at stake. If I am faced with prison time, for example, then cost becomes little object in the attorney I hire. Government is willing to pay judges well because the knowledge they have contributes to the order of society and requires both education and experience.
This "knowledge economy", therefore, is vibrant, widespread and, for the most part, recession proof.