Is the UK a knowledge-based economy? Discuss.
The knowledge economy contains many assets and it is changing the way society lives and works. Currently a market system that only began to exist to cope with the production of goods is now adapting to a world where knowledge is pivotal for success (Isles, 2013). This essay will begin to explore what is defined as a knowledge based economy, whether or not the UK is currently one, and what improvements can be addressed in order to stabilise the current form of the knowledge economy.
There is an array of definitions for what a knowledge based economy is. One of the best definitions is one provided by Ian Brinkley (2006), stating that the knowledge economy is something created when companies work …show more content…
1), offering highly-skilled students into the economy today, has been a primary argument for the belief that the UK is a knowledge based economy. Research conducted by the Graduate Market (2015) showed that there has been an overall 7.9% increase in graduate vacancies in 2014 showing that the economy is addressing the overall incline in qualifications (Youth Employment UK, 2015). This corresponds to the idea that more knowledge jobs are being created whilst society develops further into a knowledge economy. However, there has been a lot of skepticism as to whether or not the UK is a knowledge based economy due to factors such as the overall demand of graduate jobs, which leave graduates having to filter into lower-skilled jobs (CIPD, 2015). But also, the point that more graduates have found themselves working in jobs that in previous generations would have been filled by non-graduates, questioning whether the increase in graduate jobs are fit for the new skills they have acquired (CIPD,2015). Another argument posed is whether the UK could possibly be a knowledge empowered economy if over 5 million adults lack basic literary and numerical skills (Joseph Rowntree Foundation, 2016). Reports such as these are not being adequately addressed by the economy as it is only being shown that there has been an overall increase in graduates, and graduate jobs. These reports overshadow all the outstanding issues of whether or …show more content…
The issue of the zero-hour contract is the inability to develop skills due to the lack of career progression in the work place. The lack of training is an issue; the reason this has come about is due to the recent recession. Effort is pushed towards reallocating skills in the workplace in order to regain the capital lost throughout the recession (Brunello, 2009). If employers continue being cost-effective and do not focus on the research and development of training, then it leaves the worker without skills needed in order to provide knowledge towards the success of a
The knowledge economy contains many assets and it is changing the way society lives and works. Currently a market system that only began to exist to cope with the production of goods is now adapting to a world where knowledge is pivotal for success (Isles, 2013). This essay will begin to explore what is defined as a knowledge based economy, whether or not the UK is currently one, and what improvements can be addressed in order to stabilise the current form of the knowledge economy.
There is an array of definitions for what a knowledge based economy is. One of the best definitions is one provided by Ian Brinkley (2006), stating that the knowledge economy is something created when companies work …show more content…
1), offering highly-skilled students into the economy today, has been a primary argument for the belief that the UK is a knowledge based economy. Research conducted by the Graduate Market (2015) showed that there has been an overall 7.9% increase in graduate vacancies in 2014 showing that the economy is addressing the overall incline in qualifications (Youth Employment UK, 2015). This corresponds to the idea that more knowledge jobs are being created whilst society develops further into a knowledge economy. However, there has been a lot of skepticism as to whether or not the UK is a knowledge based economy due to factors such as the overall demand of graduate jobs, which leave graduates having to filter into lower-skilled jobs (CIPD, 2015). But also, the point that more graduates have found themselves working in jobs that in previous generations would have been filled by non-graduates, questioning whether the increase in graduate jobs are fit for the new skills they have acquired (CIPD,2015). Another argument posed is whether the UK could possibly be a knowledge empowered economy if over 5 million adults lack basic literary and numerical skills (Joseph Rowntree Foundation, 2016). Reports such as these are not being adequately addressed by the economy as it is only being shown that there has been an overall increase in graduates, and graduate jobs. These reports overshadow all the outstanding issues of whether or …show more content…
The issue of the zero-hour contract is the inability to develop skills due to the lack of career progression in the work place. The lack of training is an issue; the reason this has come about is due to the recent recession. Effort is pushed towards reallocating skills in the workplace in order to regain the capital lost throughout the recession (Brunello, 2009). If employers continue being cost-effective and do not focus on the research and development of training, then it leaves the worker without skills needed in order to provide knowledge towards the success of a