Who you know or what you know?

In the hunt for a job what is more important, who you know or what you know?
Both areas have their strengths and their weaknesses. When a person relies completely on his or her connections to find a job, he or she may not qualify for any other jobs on the market because of a lack of "know how". Complete reliance on who you know isn't the ideal solution because of this possible result. It is a strong possibility that this person may find a job but with that in mind, he or she probably wouldn't be the best fit for the position.
If a person relies strictly on "know how" to find a job, he or she runs into deeper waters of competition of others who don't have any connections. A person can be brilliant and still not get hired because of the absence of any personal connection and relationships of trust with the employer.
The ideal situation for one who is on the job hunt is to be knowledgeable and well-networked with other professionals. If a person is intelligent about a certain business and knows key players within the industry, it is realistic to say that person will likely find a job in that industry. Conclusion- relying solely on what you know isn't sufficient if those seeking your talent don't even know you're out there.