Economy Of Knowledge

In the 1980’s and mid 1990’s (if your old enough to remember) there were people who were working in factories and mills. This was the case until the UK economy had moved towards a service economy (banking, customer service, technology based – IT and computer programming).

The aim of the government moving towards this economy was to maintain and create enough jobs for the current labour market, who were losing jobs as a result of moving away from a industrial towards a more knowledge based economy.

The movement should have been towards a entrepreneurial based economy and education system (in the UK). Since the education system was designed to prepare you for working in a bricks and mortar industry. The education system was slightly modified for the service economy as they thought they could up skill all the workers to work in the service jobs, as a result of getting a degree.

To get to this the national and local government looks at attracting investement and companies into regions, cities and towns as a way of providing more job opportunities. This is a good idea, which is why you see state of the art buildings being constructed around the place, as a place where businesses can set up or warehouse or industrial units built in the outskirts of towns and cities.

This in theory works but in practice the results are mixed since, many of the roles that these companies offer are menial as only low skilled tasks might be undertaken by that regional branch. Usually the research and development departments (the place where the more skilled vacancies are) are usually in the headquarters or home country.

The history of those born in the early 1970’s to late 1980’s being encouraged to join the knowledge economy was due to a skills shortage for high skilled jobs in the late 1980’s. In the late 2000’s there were more qualified people than jobs to match the skills.

This is evident today as black people who were adults in the late 80’s early 90’s with children did not prepare them for what was coming, instead of keeping hold of businesses we sold many of them of (with a few remaining) and told our children to join the knowledge economy in the late 90’s early 2000’s.

The economy is now changing from a knowledge based one to a entrepreneurial one, with the need to have more than one income. If the next generation and this one (18-40) do not have more than one income or at least access to one then we will not fare well as jobs are becoming less and less.

The government is attempting to get people skilled in technological areas such as computer science and sciences. It is great theses areas are looked at but as a people, we need to first and foremost look at developing business running skills, having an idea, developing it and then looking at many ways you can get income from this idea.

Further information

Knowledge is a myth (www.theguardian.com)

Knowledge Economy Myth (www.theweek.co.uk)

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