The document discusses the evolution of economic theory, highlighting the importance of knowledge as a key economic resource alongside capital and labor. It emphasizes the need for adaptability, critical thinking, and problem-solving skills in an accelerating economy, where knowledge is readily available and the ability to innovate is crucial. The text also references the opinions of industry leaders on the necessity of teaching practical skills over traditional academic knowledge.

1. Traditional Economic Theory
Economic Output=
Capital (K) + Labour (L)

2. 2 new
factors
Emerging Economic Theory

3. Economic Output=
Capital (K) + Labour (L) +
Knowledge
Emerging Economic Theory

4. What is Knowledge?
Knowledge
Information
Data
Increasing
exponentially

5. Knowledge
• Knowledge is and will remain the basic
economic resource
• Knowledge is universally available 24/7
• Could be used and applied by anyone and at
anytime
• It has a dynamic nature
• Knowledge leads to more Knowledge – thus
creating a sustainable competitive advantage

6. WikipediA
The free encyclopaedia
Information

7. Economic Output=
Capital + Labour +
Knowledge + Time
Emerging Economic Theory

8. Time:
Velocity & Acceleration

9. Alvin Toffler
«When the pace of
economic activity is
accelerated, then every
unit of time, is worth
more».
Power shift, 1992

10. We live in an
accelerating economy

11. Did you know …2012
• http://www.youtube.com/watch?v=vxRb3Qr
9JWA

12. What is the answer?

13. “It is not the
strongest of
species that
survives, nor
the most
intelligent, but
the one most
responsive to
change."
Charles Darwin, 1809

14. “There is no reason
to have personal
computers in our
houses.”
Ken Olson (1977)
Founder, Chairman and CEO, Digital

15. So… How to adopt in change?

16. Skills & Competencies
• What do I need to succeed??
• What are they?
• Where do I find them?
• How do I acquire them?

17. Skills & Competencies
• Critical Thinking & Analysis
– Synthesizing and distilling Data and Information to become
Knowledge
• Technology Savvy
• Time + Velocity = f (Efficiency and Effectiveness)
– Efficiency -> doing things right
– Effectiveness -> doing the right things
• Flexibility + Adaptability
– Positive Thinking
– There is no failure. Only feedback

18. • ...Today,” he said via e-mail, “because knowledge is available on
every Internet-connected device, what you know matters far
less than what you can do with what you know. The capacity to
innovate — the ability to solve problems creatively or bring
new possibilities to life — and skills like critical thinking,
communication and collaboration are far more important than
academic knowledge.
• As one executive told me, ‘We can teach new hires the content,
and we will have to because it continues to change, but we can’t
teach them how to think — to ask the right questions — and to
take initiative.’ ”
• http://www.nytimes.com/2013/03/31/opinion/sunday/friedma
n-need-a-job-invent-it.html?partner=rssnyt&emc=rss&_r=0
Need a Job? Invent It
By THOMAS L. FRIEDMAN
Published: March 30, 2013