The body of literature on the concept of the "knowledge economy" is both recent and rapidly growing, especially in the related fields of economics and management, yet both less recognised and less established in the field of education. It is a concept that has inspired many national governments and world policy institutions such as the OECD and the World Bank to talk of the global "knowledge economy" of the future, and to emphasise the fundamental importance of education considered as an investment both in human capital and in the production of research or new knowledge. In this paper, first, the author sketches the importance of three discourses leading to the notion of the "knowledge economy" and he outlines a common conception of the notion. Second, he discusses two recent policy constructions of the "knowledge economy" commenting at the same time on implications for education policy. Third, he mentions some criticisms of these constructions and introduces Joseph Stiglitz's notion of knowledge as a global public good, and, finally, lays out some of the tasks of educational policy research in its contribution to the debate. (Contains 3 notes.)