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A primer on the knowledge

A primer on the knowledge

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Published by: vikramgupta1950 on Jun 10, 2008
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06/14/2009

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A Primer on theKnowledge Economy
Prepared by
John Houghton and Peter Sheehan *
CSES Working Paper No. 18
ISSN: 1322 5138ISBN: 1-86272-563-2
February 2000
*Paper prepared for the National Innovation Summit, organised by the Department of Industry, Science and Resources, Canberra and held in Melbourne, 9-11 February 2000.Professor Peter Sheehan is Director and Professor John Houghton is Professorial Fellow atthe Centre for Strategic Economic Studies.
Centre for Strategic Economic StudiesVictoria University of TechnologyPO Box 14428 Melbourne City MC VIC 8001 AustraliaTelephone +613 9248 1340Fax +613 9248 1350Email: csesinfo@vu.edu.auWebsite: http://www.cfses.com
 
Foreword
This primer is intended as a brief guide to the Knowledge Economy forpeople in business and government who need a succinct summary of itsmajor features and implications.It has been prepared by Professors John Houghton and Peter Sheehanof Victoria University’s Centre for Strategic Economic Research (CSES), whohave drawn on research undertaken at CSES over the last few years, on the work of the OECD and on a rapidly growing international literature. It aimsto provide a synthesis of this body of work in digestible form.Peter SheehanDirectorCentre for Strategic Economic StudiesFebruary 2000© Centre for Strategic Economic Studies 2000
A Primer on the Knowledge Economy
  i  
 
Table of Contents
Foreword.................................................................................................
i
 Table of Contents...................................................................................
ii
 The Knowledge Economy.....................................................................
1
 What is the Knowledge Economy?.......................................................
2
Increasing knowledge intensity .........................................................................
2
Globalisation ........................................................................................................
4
 What’s New about the New Economy ?...............................................
10Information revolution ................................................................................................. 10Flexible organisation .................................................................................................... 10Knowledge, skills and learning ................................................................................... 11Innovation and knowledge networks ......................................................................... 11Learning organisations and innovation systems ......................................................... 11Global competition and production ............................................................................ 12Strategy and location.................................................................................................... 12Clustering in the Knowledge Economy ...................................................................... 13Economics of knowledge ............................................................................................ 13Systems of creation, production and distribution ....................................................... 14Convergence or divergence......................................................................................... 15Divergence and concentration..................................................................................... 15
 What Does It Mean for Australia ?.......................................................
16
 What Should Be Done to Meet the Challenge? ...................................
18Outlines of a response...........................................................................................
19The need for policy integration................................................................................... 19Facing global competition ........................................................................................... 19Competing on knowledge ........................................................................................... 19Global investment and production.............................................................................. 20Shifting the composition of the economy................................................................... 20Flexible organisation .................................................................................................... 20Knowledge, education and skills ................................................................................ 21 An innovation system................................................................................................... 21
Notes ......................................................................................................
22
Selected References..............................................................................
24
A Primer on the Knowledge Economy
  ii  

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