Knowledge economy

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…

school diploma over the past forty years, we have also reached a point where young women just entering the workforce are out-earning their male counterparts in several major American cities (Luscombe, 2010). Unfortunately, this currently only applies to unmarried, childless women under thirty in certain metropolitan areas, but it’s a start. The primary condition feeding this wage growth is the growth of the knowledge-based economy and the decline in the manufacturing base in America. The higher…

Purpose Economy vs. Creative Economy Aaron Hurst describes the fourth economic stage as the purpose economy (following the knowledge economy). As humans, we have a fear of not mattering. Because of this, Hurst predicts our next economic era will be centered around our individual quest for purpose. Each of the previous economies have made mankind ‘faster, stronger, smarter,’ but now mankind is turning back to a more ‘human’ way of doing things. Purpose is a choice, according to Hurst, which…

The term free labour presents commonly in the digital era. In Terranova’s (2004, p73) idea, it is an essential source of value in advanced capitalist societies which is not acknowledged yet. After Web2.0 gradually took the place of Web1.0, numerous digital industries were actively seeking and absorbing user-generated contents to satisfy their commercial needs which mainly contributed by free labourers. The collaboration between unpaid digital labour and digital industries further discovers new…

Resource Management Challenges in a Knowledge-Based Economy Denise Barnes Belton University of Maryland University College Human Resource Management Challenges in a Knowledge-Based Economy A challenge facing management processes in the field of human resource management is a knowledge-based organization. In Wiśniewska and Wiśniewska (2012), human resource management is the “process of managing human talents to achieve organization’s objectives (Haslinda, 2009). According to the Business…

The world consists of various economies with their different growth margins. These economies have been classified based on level of development, growth stages and emergence. These classifications are inspired by GROWTH THEORIES/MODELS. Growth theories are speculations used overtime to classify economies or determine development in an economy. Under Growth theories we have:  Endogenous Theory/ New Growth Theory  Exogenous Theory/Solow Growth Theory The above theories are used in illuminating…

to the Act might dwindle federal revenue, and constrains budget. While this fear is a genuine one, it can however be partly addressed by a diversification of the national economy, from oil based to include other sectors of the…

After graduating from Stony Brook University, I worked at a business firm where I found that the current European debt crisis shares some similarities with Chinese economy of the 1930s. One of the most crucial issues of the euro crisis is the legitimacy of the European Central Bank. Some members, like Greece, argue that the monetary policy of euro only considers Germany’s interests, but neglects the interests of other member states. The early Republic of China experienced similar problems. At…

ENDOGENOUS GROWTH MODEL INTRODUCTION In economics the pending question as always been “How do we boast GDP and GDP growth rate”, “How can we grow faster” it is discovered that in solow growth model GDP and GDP growth rate are determined by savings rate, population growth rate, and rate of technological progress. Economies that are advanced in technology, the advancement of knowledge is a very key determinant of growth, however, economies that are less developed, theoretical and empirical…

Introduction We are currently being faced with a third industrial revolution comprised by the exponential changes in technology and digital advancement. The past two industrial revolution have created new economic opportunities and have ultimately made the global economy what it is today. Mass jobs have been created, new ideas have spread, and businesses have boomed due to the two main revolutionary advancements in history. The current problem with the technology wave is that there are far too…