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mgmt 1000

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York University
MGMT 1000
Jean Adams

MGMT STUDY GUIDE Knowledge Economy 1) The learning organization It has been estimated that knowledge is doubling every 11 hours. This may mean that when you wake up in the morning, you may only be have as smart as when you went to bed the night before. Strictly speaking, there is no such thing as non-knowledge economy. Humans have lived in a knowledge economy ever since, the discovery of fire, the development of tools, the invention of the wheel and the development of cultural codes and practices that passed knowledge from generation to generation. But for most of recorded time the knowledge curve has had a low trajectory. Now, it is shooting upward at an astonishing pace. This is changing the nature of society and all aspects of life in profound ways. The knowledge transformation began to gain in pace with the Renaissance and the Industrial Revolution. Each discovery or invention gave rise to another and another in rapid succession. As the insights of art and science were used to change the relationship between humans and the natural worlds, knowledge began to feed on knowledge creating wave upon wave of change. The transformation during the last quarter of the twentieth century has been so great that many people believe that we are now living in a completely new world: a knowledge world that is generating new modes of perception, communication and relationship. It is a world where there are new rules of economics and new rules of social life. Hence the enthusiasm for the idea of a “knowledge economy” where the importance of traditional factors of production such as land, labour and capital is being overshadowed by the importance of knowledge. Continuous innovation – In an economy where the only certainty is uncertainty, the one sure source of lasting competitive advantage is knowledge. When markets shift, technologies proliferate, competitors multiply and products become obsolete almost overnight, successful companies are those that consistently create new knowledge, disseminate it widely throughout the organization, and quickly embody it in new technologies and products. These activities define the “knowledge-creating” company whole sole business is continuous innovation. Collaborative learning-“Learning organizations… where people continually expand their capacity to create the results they truly desire, where new and expansive patterns of thinking are nurtured, where collective aspiration is set free, and where people are continually learning how to learn together.” Competitive advantage- competitive advantage no longer belongs to the biggest or those blessed with abundant natural resources, or the most capital. In the global economy, knowledge is king. And those nations t
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