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The Knowledge Economy

The Knowledge Economy. By Nick and Mike. Definition. The phrase was popularised if not invented by Peter Drucker in his book ‘The Age of Discontinuity’ Meaning the use of knowledge to produce economic benefits

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The Knowledge Economy

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  1. The Knowledge Economy By Nick and Mike

  2. Definition • The phrase was popularised if not invented by Peter Drucker in his book ‘The Age of Discontinuity’ • Meaning the use of knowledge to produce economic benefits • Especially in terms of high-technology businesses such as computer software, telecommunications and virtual services, as well as educational and research institutions

  3. So why’s it so important? • The effect of location isdiminished-Globalization • A business product, as educational and innovative intellectual products and services can be exported for a high value return. • As a result, goods and services can be developed, bought, sold, and in many cases even delivered over electronic networks. • The economics is not of scarcity, but rather of abundance. Unlike most resources that deplete when used, information and knowledge can be shared, and actually grow through application.

  4. Quote • As the Scottish Executive admit: “Core skills are highly valued when people are starting their careers, but the instillation of these into individuals happens at school, not thereafter: the most successful part of the education and training process is in the school.” • MIKES INTERPRETATION OF QUOTE ‘This means that the government should stop putting so mush money into adult training and more into schools so that when the children start work they do not need as mush training’

  5. So what’s wrong with it? • Although the knowledge economy allows instant access to information this may not always be a positive thing as it allows people to access information such as essays which they can then pass of as their own work. • Because the concept of knowledge is broad, measuring knowledge, together with its acquisition, adaptation and use, presents significant challenges- WBO measures countries to identify the challenges and opportunities they face in making the transition to the knowledge-based economy.

  6. In the School • Allows instant access to various forms of information. • Difficulties in security. • Allows people in remote areas to interact in the classroom. • Training for the workplace in a ever changing marketplace

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