The Modern Economic World : A Paradigm Shift From An Industrial Age

1393 Words 6 Pages
The modern economic world is undergoing a paradigm shift from an industrial age that valued tangible objects and commodities, to an increasingly intellectually driven marketplace. Accordingly, human capital—the cognitive development of abilities to think creatively, generate ideas and innovate, are becoming the most valuable assets in this economy (Michanek & Breiler, 2013). The Japanese Research Institution, Nomura, describes this economic transition as pivoting from the industrial age, through the information age, to the currently emerging age of creativity (Michanek & Breiler, 2013). Harvard professor and founder of the Idea Factory, John Kao supports this message, suggesting that we are evolving toward a creative age.
The information age was a critical period in human history as the world progressed from the industrial age that encompassed revolutionary economic and social changes during the 18th and 19th centuries. Subsequent to the time period involving industrialization—computers, new media, and other digital resources were use used to create and distribute data, knowledge, and information in a time known as the digital revolution (Digital Revolution, 2010). The evolution of technology during this timespan has had a tremendous impact on people’s daily activities, social lives, work experience, and more. The current transformation to the creative age is encouraging people to figure out how to creatively and innovatively use the information generated in the…

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