For the past few days I have been breaking my head understanding what “Knowledge economy” is. My thanks to Wikipedia (to start with) and few in depth definitions from Peter Drucker, Fritz Machlup, Jean-François Lyotard and the likes that I went through some insights and understood some essence of it.
The language however was so complex that I had to wash the load off by watching 4 hours of brainless soap opera and reality TV..LOL
Back to the point what is it about knowledge economy that made me thinking about it? My recent attendance at one of the book tours of The made me thinking about this subject as the author shared that during the books’ research the most case studies came from the knowledge industry. I have drawn a quick flow chart for myself that might help you visualize the evolution of knowledge economy:
Dan Robles, The explains this mind blowing concept of that will follow the knowledge economy and how people world over would try to make knowledge tangible! (he also says that currency would eventually lose its sheen). This itself just shakes your linear thinking.
If you look at the chart above you would see a pattern. How the shift happens in the value chain of economies from the society being more inclined to labor intensive to intellect intensive. The focus of the earlier society to be more on creating goods and now on creating these huge repositories of human knowledge. There has been an exponential spur in the way the starup culture has been mushrooming around the globe. This has happened because of the one platform which has made knowledge sharing, knowledge transfer, collaboration just a click away – information technology. There are many pockets of pool of expertise scattered around the world, but who would have thought that information technology would bring that expertise accessible to not only people sitting miles apart but would make it accessible right in our hands, at any location, at any point in time, forget boundary divides, climate, time zone, miles!
Thehas released the . Below I have tried to build a more pictorial representation of the data to understand that which industries these startups represent:
If you observe that in fact the above four industries are the ones which are witnessing high percentages of growth around all regions esp. the developing nations.
But a fact which cannot be overlooked is that we can make the world and its services and knowledge virtual but the importance of a physical structure can never be ignored. The importance of a physical classroom cannot be replaced by virtual sessions; the outcomes a physical face to face meeting delivers cannot be challenged by video or web conferences. The foundation and infrastructure related to each industry would still be built offline but the online world will bring in mind boggling innovations in future to make the world more expertise and knowledge system driven.
I however fear the amount of competition and pressure it would build on people. How aggressive the world would become. But as they say competition brings out the best in people, so should persist.