Knowledge Economy

That conversation though sparked a couple of questions in my mind: can an oil economy and a knowledge-based economy coexist? Or does an oil economy, or any natural resource-fuelled one, precede a knowledge-based economy? Here’s the thing. When the economy is driven by revenues from oil or other natural resources, those revenues are mainly channelled into one, spending in the economy, which could be to create jobs, to increase demand via pay raises, and to spur growth ultimately; and two, saving for the future and investing in it. For the sake of this article, I am interested in further elaborating on the second part, especially that such savings and investments could deter a country’s resolve in attaining a knowledge-based economy. …

To eventually create a knowledge-based economy, a country must invest earlier on in its human capital, with revenues from natural resources being a facilitator rather than a reason to sit back and relax. With or without natural resources, developed human capital in different fields are the true economic drivers. And in its pursuit, countries must know what skills and specialisations they would require in the coming decades. Laying the ground for tomorrow’s balanced, continuous economic growth by today’s implementation of policies that would warrant that those skills are home-grown. A knowledge economy is one that is driven by people who understand what it takes to move away from oil and other natural resources, not desire to further invest in them. A knowledge-based economy is also one where different policies are scrutinised via a rigorous cost-benefit analysis that does not take revenues from oil and other natural resources for granted.  Rest

Put all these things together and you essentially redefine the notion of a good job. No longer does it mean simply assembling parts, serving customers, or driving a forklift. It involves thinking like a business owner—someone responsible for tracking and managing the key numbers and figuring out how to improve performance. It also involves sharing in the rewards of success rather than just collecting an hourly wage. That definition seems fitting in our knowledge economy—and makes for more-engaging work for employees at every level of the organization.

Rest at https://hbr.org/2018/01/more-than-a-paycheck

Writing in The Times today, the Prime Minister said: …

“Our Industrial Strategy will propel Britain to global leadership of the industries of the future, seizing the big opportunities of our time – from Artificial Intelligence and Big Data to clean energy and self-driving vehicles.”

… The Business Secretary, Greg Clark said:

“Through our Industrial Strategy we are committed to building a knowledge and innovation-led economy and this increase in R&D investment, to 2.4 per cent of GDP, is a landmark moment for the country.  REST

[Editorial comment: we are looking for UK leaders to develop and use KnowledgeEconomy.UK and InnovationEconomy.UK]

Providing access to learning and education through cryptocurrency could overcome a major obstacle for millions across the globe. Arjan Schutte, founder and managing partner at Core Innovation Capital, agrees.

“Among the most exciting innovations in cryptocurrency are applications that leverage Bitcoin’s distributed trust network to create faster, more secure platforms for currency exchange,” he explains. “So-called crypto rails like the Ripple network allow currencies and payments to flow cheaply, rapidly and smoothly as information on the internet.”

The unbanked have increasing access to digital wallets and ways to fund them, opening the door for their participation in the global knowledge economy, with all the advantages that come with increased access to learning.  Full article

SCBIO 2017 Annual Conference Agenda

(happening shortly …)

“Building a Life Sciences-Fueled Knowledge Economy in SC”
Dr. David Cole, President, Medical University of South Carolina
Jim Clements, President, Clemson University
Dr. Harris Pastides, President, University of South Carolina
Moderator:  Bob Quinn, President & CEO, SC Research Authority

This is BIG when the Presidents of the three major research universities in South Carolina get together to talk with the President of the major non-university research entity in the state about life sciences and other aspects of our growing Knowledge Economy.

By Amy Edmondson, Novartis Professor of Leadership and Management at Harvard Business School and Bror Saxberg, vice president of learning science at the Chan Zuckerberg Initiative. Edmondson and Saxberg are members of the Consortium for Advancing Adult Learning & Development (CAALD), convened by McKinsey & Company. Also, Edmondson is the noted author of Teaming: How Organizations Learn, Innovate, and Compete in the Knowledge Economy, and Saxberg has recently joined the CZI team ultimately lead by Mark Zuckerberg who is “I’m pro-knowledge economy” rather than a Democrat or Republican.

Full article

MBRSC announces launch of 1st edition of Science Event on October 21

Mohammed bin Rashid Space Centre, MBRSC, has announced the launch of the first edition of Mohammed bin Rashid Space Centre Science Event to be held under the patronage of Vice President, Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, on 21st October. …

The event will host ministers and high-level speakers from the UAE who will present their vision for the future of the country on its transformational journey towards becoming a knowledge economy, in-line with its ambitious plans and strategies.  Rest

New Members of Abu Dhabi Executive Council take Oath

Shaikh Mohammad [Bin Zayed Al Nahyan, Abu Dhabi Crown Prince, Deputy Supreme Commander of the UAE Armed Forces and Chairman of the Abu Dhabi Executive Council] said the new phase of development requires creative and innovative ideas due to the unprecedented and rapidly changing world. “This phase needs us to keep pace with this development in terms of work and thoughts — a move that can be done by enhancing economic diversification, building knowledge economy and investing in human capital, with education being given a top priority as the main driver of development,” he said. Rest

Dubai FDI to build on growing investment inflows from US

Dubai Investment Development Agency (Dubai FDI) and Dubai Exports, both agencies of Dubai Economy, are heading to the US on a mission to draw focus on to the development strategies and policy initiatives transforming the emirate into a knowledge economy and innovation hub. Rest

UAE President Issues VAT Decree-Law with One of the Lowest Rates in the World

“The new tax system will provide extra support for the Government to implement the vision of the UAE leadership and build a diversified and productive knowledge economy,” H.H. Sheikh Hamdan [bin Rashid Al Maktoum, Deputy Ruler of Dubai, UAE Minister of Finance and Chairman of the Federal Tax Authority] added. “The newly introduced Value Added Tax that shall be implemented in the GCC depending on readiness of each member State between 1 January 2018 and 1 January 2019 pertaining to the Common VAT Agreement of the States of the GCC, will have positive results on the economy, far exceeding its 5% rate, given that revenues will be redistributed to development projects that benefit society at large and accelerate progress until the UAE reaches the top of global rankings across all sectors.” ​ Rest​​

A patently absurd proposition.

The idea that higher education provides real and significant benefits is consistent with what we hear from employers across the country: that the economy of the future will continue to require graduates, and lots of them.

The steady rise in the level of formal qualifications held by those in employment does not simply reflect qualification inflation caused by large increases in the supply of graduates, as Pessimists maintain.

It is happening as a result of more fundamental changes in the occupational structure of the UK as a knowledge economy. Some 1.8 million new jobs will be created between 2014 and 2024, and 70% of them will be in the occupations most likely to employ graduates

What is more, international comparisons confirm we are on the right track.

Only 42 per cent of young people in the UK are expected to graduate from university in their lifetime, according to the OECD, which is lower than the average of 45 per cent, and significantly lower than Japan at 58 per cent, the US at 53 per cent and New Zealand at 58 per cent.

The idea that cutting numbers of people with higher levels of education is the route to a more competitive economy simply does not stand up to scrutiny.  Full Speech

The FWS.us/about_us page (relevant excerpt below) takes us back to an article Mark Zuckerberg wrote 4 years ago about immigrants

The new knowledge economy has the potential to produce dynamism as well as dislocation, innovation as well as inequality. It’s up to us to fashion a future that reflects tech’s best values and virtues. We must push for policies that not only move the knowledge economy forward, but give everyone the opportunity to participate in it. Every day we bring incredible ingenuity and passion to our work; it’s time to bring that same spirit to our democracy.

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Today’s economy is very different. It is based primarily on knowledge and ideas — resources that are renewable and available to everyone. Unlike oil fields, someone else knowing something doesn’t prevent you from knowing it, too. In fact, the more people who know something, the better educated and trained we all are, the more productive we become, and the better off everyone in our nation can be.

This can change everything. In a knowledge economy, the most important resources are the talented people we educate and attract to our country. A knowledge economy can scale further, create better jobs and provide a higher quality of living for everyone in our nation. …

That’s why I am proud to announce FWD.us, a new organization founded by leaders of our nation’s technology community to focus on these issues and advocate a bipartisan policy agenda to build the knowledge economy the United States needs to ensure more jobs, innovation and investment.

These leaders, who reflect the breadth and depth of Silicon Valley’s entrepreneurial culture, include Reid Hoffman, Eric Schmidt, Marissa Mayer, Drew Houston, Ron Conway, Chamath Palihapitiya, Joe Green, Jim Breyer, Matt Cohler, John Doerr, Paul Graham, Mary Meeker, Max Levchin, Aditya Agarwal and Ruchi Sanghvi.

As leaders of an industry that has benefited from this economic shift, we believe that we have a responsibility to work together to ensure that all members of our society gain from the rewards of the modern knowledge economy.