where is the knowledge economy a state by state analysis
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WHERE IS THE KNOWLEDGE ECONOMY? A State-by-State Analysis. What is it? What are we looking for? How the U.S. Economy has Changed. Knowledgeable Workers Mapping and Modeling the Search. Key Concept/Questions. Knowledge economy: What is it? Why is the KE important?

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where is the knowledge economy a state by state analysis
WHERE IS THE KNOWLEDGE ECONOMY?A State-by-State Analysis
  • What is it? What are we looking for?
  • How the U.S. Economy has Changed.
  • Knowledgeable Workers
  • Mapping and Modeling the Search
key concept questions
Key Concept/Questions
  • Knowledge economy: What is it?
  • Why is the KE important?
  • What has happened to industrial economy?
  • How does the emerging knowledge economy show up across the U.S.?
  • What explains mobility choice?
but wait a minute what is the knowledge economy
But wait a minute.What is the Knowledge Economy?
  • A situation where value lies increasingly in new ideas, software, services and relationships.
  • An economy characterized by the recognition of knowledge as the source of competitiveness, the increasing importance of science, research, technology and innovation in knowledge creation, and the use of computers and the internet to generate, share and apply knowledge.

oOo

For countries in the vanguard of the world economy, the balance between knowledge and resources has shifted so far towards the former that knowledge has become perhaps the most important factor determining the standard of living—more than land, than tools, than labor. Today’s most technologically advanced economies are truly knowledge-based.

the knowledge problem
The Knowledge Problem

The KNOWLEDGE PROBLEMis the fundamental economic problem faced by all human communities, from the earliest origins to global community life today.

The problem is not only about ignorance. It’s about the challenge of finding and organizing existing knowledge.

Knowledge is dispersed. Yet human challenges are concentrated in time and place.

How do we get all those brains connected?

slide5
When they are not

naturally connected!

But still insure

Spontaneity, which

means creativity

slide6
Every individual...generally, indeed, neither intends to promote the public interest, nor knows how much he is promoting it. …[B]y directing that industry in such a manner as its produce may be of the greatest value, he intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention.Adam Smith. Inquiry into the Nature and Causes of the Wealth of Nations.1776.Book IV, Ch. 8.[G]uiding any invisible hand there must be an “invisible brain.” Its neurons are people. The more neurons there are in regular and easy contact, the better the brain works—the more finely it can divide economic labor, the more diverse the resulting products. And, not incidentally, the more rapidly technological innovations take shape and spread.Robert Wright. Nonzero: The Logic of Human Destiny.2000.Ch. 4, 48.
the world is spiky light emissions
The World is Spiky: Light Emissions

Map by Tim Gulden, University of Maryland.

From Richard Florida, “The World is Spiky,”

The Atlantic Monthly, October 2005

the world is spiky patents
The World is Spiky: Patents

Map by Tim Gulden, University of Maryland.

From Richard Florida, “The World is Spiky,”

The Atlantic Monthly, October 2005

slide14
Percent Distribution of US Nonfarm Employment by IndustryDecember 2006

Source: Bureau of Labor Statistics

slide26
INDUSTRY SPECIALIZATION INDEX: 2005

(100 is same as nation. Greater than 100

Is more specialized.)

slide34
Creative Destruction

The opening up of new markets, foreign or domestic, and the organizational development from the craft shop and factory to such concerns as U.S. Steel illustrate the same process of industrial mutation—if I may use that biological term—that incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one.

This process of Creative Destruction is the essential fact about capitalism.

Joseph A. Schumpeter. Capitalism, Socialism and Democracy. 1942

slide36
PRODUCTION-BASED INDUSTRY RANKINGS

What’s Hot and What’s Not

1972 1980 1990 2000 2004 2006

Iron/Steel Iron/Steel Printing Comp/El Comp/El Comp/El

Apparel Apparel ApparelAutosAutosMachineryMachinery Paper Plast/Rubber Food FoodAircraft

Food Fab. Metal Food Fab. Metal Chemicals Petro/Coal

Paper Paper Chemicals MachineryIron/Steel Food

Fab Metal Food Iron/Steel Food Plast/Rubber Chemical

Chemicals Chemicals Fab. Metal Chemicals Machinery Fab. Metal

Autos Printing Machinery Printing Fab. Metal Minerals Printing AutosPlast/Rubb Paper Paper Elec. Eq’t.

Plast/Rubb Plast/RubbAutos Iron/Steel Printing Iron/Steel

Source: Economic Report of the President, 2005, and Federal Reserve Board.

slide42
US Unemployment Rate by Educational AttainmentDecember 2005

Education is the key to labor market success –The unemployment rate for persons with a bachelor’s degree or higher held steady at 2.2%.

Employment status of the civilian population 25 years and older by educational attainment

Source: Bureau of Labor Statistics

voting with their feet
Voting with their Feet

Voting with their Feet

what did we learn
What did we learn?

Go Getters are:

  • Highly attracted by larger PBS sector.
  • Repelled by state taxes.
  • Attracted by “cool” locations.
  • Are not sensitive to high versus low income locations.
key concept questions1
Key Concept/Questions
  • Knowledge economy: What is it?
  • Why is the KE important?
  • What has happened to industrial economy?
  • How does the emerging knowledge economy show up across the U.S.?
  • What explains mobility choice?
questions for discussion
Questions for Discussion
  • Information technology people argued that it did not matter where we are located. We can be linked technically to the world. Knowledge economy people say it does matter. Discuss.
  • Develop recommendations for your country that will encourage rapid development of a knowledge economy.
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