This paper sets out to examine the possible relationships between three factors, they are, the rate of growth of world production of minerals, the growth of Australian production and the growth of scientific and engineering knowledge.The first two are quantified, in terms of tonnes and value. The third, an abstract concept "knowledge", requires to be quantified, in terms of manpower.A mathematical model, which has general application, was derived to demonstrate certain axiomatic premises and to define, more precisely, basic concepts related to the philosophy of knowledge.Finally a summary is made of education-cum-industry issues.