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Economics began as a discipline trying to make sense of the hugely expanded marketplace(s) which emerged from the factories spawned by the industrial revolution. By and large it has been successful in increasing our understanding of the interactions between people and physical goods in small and large marketplaces. But it has not been so good at deciphering the intangible components of such interactions - intangibles of the kind that are at the heart of the so-called knowledge-based economy. This paper talks about the notion of knowledge as an economic construct, and ponders where this might lead.