The only good is to Know and the only evil is Virtue, this is a statement of Socrates from his theory of Knowledge. According to him it is not enough to live life but important to live good life, good life means happy and satisfied life for which Knowledge of good life is important to mankind. Hence, He believed that Knowledge is Virtue, Knowledge is excellence and is source of Knowledge. Now we can relate this to prosperity and well-being of people which come from creation, sharing and use of Knowledge in Knowledge society. Today in this Knowledge society, Knowledge is considered as wealth, product which is generated , innovated and developed through research and research is a process where the Knowledge is generated, enriched, tested