The article focuses on the nature of the modern knowledge society, which is characterized, first of all, by a sharp increase in intellectual capital (education, experience, skills, competencies, know-how, the price of personnel in the labor market, patents, etc.) in the amount of capitalization of large business. The knowledge society is a society of high social dynamics, the embodiment of the migration archetype, of rational discourse and intellectual work, which realizes the well-known thesis “Knowledge is power” in a new way. The last three decades, Nico Stehr, a well-known German sociologist and philosopher has been rethinking, reformulating, and substantiating the theories of the knowledge society, which appeared in the 1960s. The article investigates Stehr’s concept, expresses arguments in its support, and highlights some blank spots that remain inexplicable for him in the light of the social realities of recent years. The conclusion runs that the knowledge society represents a significant social trend in the formation of science and technology as a leading productive force. It also manifests a form of the urban discourse of freedom — the cognitive self-realization of the individual in the spectrum of wide possibilities of the public good as a subject-matter of epistemological urban studies. However, this trend is countered by modern knowledge capitalism (privatization, fencing off of knowledge, including that with the help of patents), as well as by the high degree of risk and uncertainty that dominates the modern world.