Knowledge Economy Questions and Issues

By Jide Awe

TKnowledge has become the most important catalyst of economic performance. The knowledge economy places emphasis on knowledge and people. Several questions and issues, however need to be addressed:



1. Knowledge and People

People will drive the knowledge economy. Their knowledge, skills, and creativity lead to innovation. How do we create a labour market that meets the demands of keeping up with technological changes while at the same time driving change?



2. Competitive Advantage in the Knowledge Economy: Africa

To remain relevant Africa needs competitive advantage in the global, knowledge-based economy. What does Africa need to do to compete globally in the knowledge world - in terms of policies, structures, etc? In terms of developing a knowledge economy, do we know where we need to go? And if we do how do we determine how best to get there?

What we need to do to respond to the challenges of the knowledge-based economy?



3. Business issues

What are the new things the knowledge economy is demanding from business in the African marketplace?

What is the importance of business intelligence in a knowledge-based economy? How pervasive is our use of business intelligence? How are we deploying technology to facilitate business intelligence?

What are the factors that affect the commercial application of knowledge? What is responsible for the academia- industry disconnect? How can innovation and the commercialization of knowledge be encouraged in the private sector?



4. New Thinking

What is the new thinking for the new knowledge economy? What new models and paradigms are needed to develop and grow the knowledge economy? How trapped are we in the past of brick-and-mortar-physical-assets-natural resources mindset? The horse is dead.



5. An inclusive Knowledge Economy

In the past, the knowledge-based society and economy was associated only with specific sectors, such as information and communications technologies, or with regions, such as Silicon Valley in the US. However, today the knowledge-based economy recognizes no industrial or geographic boundaries. New knowledge and related techniques are being applied in all industries and spheres of life to improve performance.



6. Fears

There are genuine fears of unemployment in a knowledge-based economy in view of the skills requirements. Equipment and skills we use to do our jobs will change. A "confidence gap" may emerge, as the environment should be supportive of people not just technology and innovation. There is a need to strike a balance between public interest and opportunities presented by the knowledge economy.



Rural-Urban Divide

Won't innovation be viewed as being exclusively based in large urban centers? How will the rural populace feel the impact in order to build local capacity and unleash the full potential of communities across the country?

There is a need to promote an environment of inclusion, which provides the opportunity for all to contribute to and benefit from the new economy.

The knowledge economy needs to be inclusive to help all individuals realize their aspirations, develop skills and fully participate in the global economy and society.



7. Real Education for the Knowledge Society

A sizable number of Africans are not developing the skills and ability to learn that will help them live and work to their full potential. How can the Education system – formal and informal - be strengthened to meet the skills and labour force demands of the knowledge economy? There has to be a sufficient supply of highly qualified people with appropriate skills for the knowledge-based economy.



8. Innovation, Research & Development

How important is innovation in the knowledge economy? Innovation facilitates the creation of new economic and social benefits through the application of knowledge.

What differentiates innovative countries from other nations? And how can African countries get there? What should be the priorities to promote innovation?



How do we strengthen our science and research capacity and how do we ensure that this knowledge contributes to building an innovative economy that benefits everyone? Many African countries presently underinvest in research and development. How do we address the key challenges for the research environment?



9. Partnerships & Risks Global competition and challenges of globalization

In the knowledge-based economy, key assets are less geographically dependent. What are the implications? FDI into Africa is mainly geared to the natural resources and extractive sectors.



In what way can partnerships / alliances contribute to expanding opportunities and mitigating risk in the knowledge economy?

In the global economy, investors and highly qualified people must be aware that African countries encourage and reward innovation and risk taking.



10. Environment Challenge / Developing the Economy

The global knowledge economy depends on innovation. What will create the environment in which Africans can take advantage of their talents, their skills and their ideas? An environment of trust and confidence.



Technology is not a "cure all". Knowledge won't open all doors. Values are important. How will institutional problems: policy inconsistency, instability and policy reversals, conflicts, public sector dominance in production and consumption, lack of genuine support for SMEs, pervasive rent seeking and corruption inhibiting growth impact the knowledge economy?



Will developing knowledge economies lead to social and economic transformation? Will it address national issues and spur growth? What is the essence? Will it lead to sustainable modern, competitive, prosperous and inclusive economies?



Jide Awe is the Founder of the Jidaw.com web initiative http://www.jidaw.com

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