Human capital and the knowledge economy (original) (raw)

On the Concept and Dimensions of Human Capital in a Knowledge-Based Economy Context

Canadian Public Policy / Analyse de Politiques, 1999

Les changements technologiques de même que la globalisation des marchés transforment les pays industriels en économies axées sur la connaissance, faisant ainsi du capital humain un thème principal des politiques publiques. Cependant, les mesures existantes de l'investissement ne permettent pas de comprendre toutes les implications du capital humain sur la performance économique et les progrès technologiques. Cet article discute les éléments d'une définition complète du capital humain et identifie les différences fondamentales entre capital physique et humain. Il montre que ces différences de même que les caractéristiques principales du capital humain ont des implications pour la comptabilité nationale, la classification des dépenses gouvernementales et la littérature sur la croissance endogène. Technological changes, along with the globalization of markets, are transforming industrial countries into knowledge-driven economies. This shift has made human capital one of the leading public policy themes. However, existing measures of investment do not allow policymakers to comprehend fully the implications of human capital on economic performance and technological advancement. This paper discusses the elements of a comprehensive definition of human capital and identifies the fundamental differences between human and physical capital. It shows that the main features of human capital and its differences with physical capital have implications for national income accounting, the classification of government expenditures, and the endogenous growth literature.

Knowledge, skill, and education in the new global economy

Futures, 1997

This paper deals with three main topics. The first is the nature of post-industrial, service-based economies in which human capital has special importance. In the new global economy, sharp distinctions between services and goods become more difficult to draw, as exemplified by computer software, perhaps the purest embodiment so far of a knowledge-based industry in which human and organizational capital account for nearly all value added. Where does this intangible capital come from? That is the subject of the second section of the paper, which discusses the meanings attached to knowledge, skill and other components of human capital, sketching out a view emphasizing tacit know-how and the lessons of experience. This sets the stage for a third section outlining a number of implications for higher education.

Towards a global knowledge economy

In the epoch of modern globalization, knowledge economy has become a prolific approach in the 21st century because of its self-sustaining capability to survive in the coming global economic battle and its growing importance as one of the key sources of growth in the global economy where organizations and people acquire, create, disseminate and use knowledge more efficiently for the greater aspect of economic and social development as well. It has a unique role to restructuring at the latest stage of development considering its core philosophy towards the sustainable global economic challenge. Here, the core idea of the knowledge driven economy is not merely a demonstration of high tech industries; it means something more than of its traditional concept, a set of new sources of competitive advantage which can easily be applied to all sectors, all companies and all regions at the same time to establishing its feasibility in an effective manner. “Knowledge Economy”, the phrase was popularized by Peter Drucker as the title of Chapter 12 in his book “The Age of Discontinuity”. But, the initial foundation for the knowledge economy was introduced in 1966 in the book “The Effective Executive” by Peter Drucker. In this book, Drucker described the subtle difference between the manual worker and the knowledge worker. According to him, the manual worker works with his or her hands and produces goods or services. In contrast, a knowledge worker works with his or her head, not hands, and produces ideas, knowledge and information. Peter Drucker also emphasizes that knowledge economy is a relative concept; a vague definition of knowledge which creates the key problem in the formalization and modeling of knowledge. Because, it is not proper to consider information society as interchangeable with knowledge society; information is usually not equivalent to knowledge as their use depends on individual and group preferences which are "economy-dependent". Here, due to the recent triumph of ICT, all traditional economic patterns have been changed now; a new concept of knowledge economy has been introduced which is playing a pregnant role to meet up the today’s challenge of globalizing and to keep the world beyond our imagination.

Human Capital in a Global and Knowledge-Based Economy

Education + Training

This report is an extension and partial update of de la Fuente and Ciccone (2002). It constructs estimates of the private and social rates of return on schooling for fourteen EU countries using microeconometric estimates of Mincerian wage equations, the results of crosscountry growth regressions and OECD data on educational expenditures, tax rates and social benefits. The results are used to draw some tentative conclusions regarding the optimality of observed investment patterns and educational subsidy levels.

Gambling with "Human Capital" : On the Speculative Logic of the "Knowledge Economy"

WORLD Social and Economic Review of Contemporary Policy Issues, 2017

The educational and academic fields have not been spared by the neoliberal logic. They indeed became one of its primary targets. Critics of neoliberalism too often neglect this, for they merely see in the latter a doctrine exclusively concerned with economic policy. They forget that knowledge constituted in fact a central element of the various approaches that contributed to the neoliberal synthesis.1 The “knowledge economy”, as it is often called, is the paradigmatic product of this synthesis. It holds that economic growth is set to become ever more “knowledge intensive”, and thus, that only those economic and political actors who manage to produce and make use of the rarest innovations and skills will prevail in the global competition between firms and the nation states that champion them.

Development of Knowledge Economy in the Modern World

2019

The economic status of a country's knowledge economy, and especially his human capital, are the key factors for economic and employment renewal in each country. On the one hand, there are developing and advanced countries, and on the other, there are countries, both in Europe and in Africa, that are facing the collapse of all its economic systems. What is Knowledge Economy? What is so important about this term? This article will try to give a new picture to globalization which happening everywhere on Earth. JEL: F01, F40, F60, N10 Article visualizations:

Knowledge Capital and the “New Economy”

Springer eBooks, 2000

Braunerhjelm, Pontus. Knowledge capital and the "new economy" : firm size, performance, and network production I by Pontus Braunerhjelm. p. cm.-(Economics of science, technology, and innovation ; v.20) "Part of the book' s contents have also been presented as a doctoral thesis, defended in 1999 at JOnkoping International Business School"-P .. Includes bibliographical references and index.