Social Acceptance and Readiness for the Knowledge-based Economy in Malaysia

This paper examines Malaysians’ readiness in meeting challenges in the new economy. The model is built based on the hierarchical model of awareness, involvement and contribution. The findings indicate that on average, Malaysians are still at the low level of readiness to assume the knowledge-based economy, despite government efforts to promote the new economy nationwide. Currently Malaysians are at the level of knowing what is going on, but not taking enough effort to participate and contribute to the development of the new economy. The findings support the hierarchical model, in which economic transformation towards the new economy undergoes phases of awareness, involvement and contribution.