Valuation of Knowledge
Paul Romer, a professor of economics at Stanford, revolutionized the appreciation of knowledge as a valuable asset. As he says it is not just the "ingredients" (supply) that makes good food, it is the "recipe" (knowledge) that counts too. Better recipe, better food means better knowledge, more economic growth.
More recently, economists at Berkeley studied the value of knowledge as a form of capital, adding value to material capital, such as factory or a truck. Speaking along the same lines of their argument, the addition or 'production' of knowledge, could become the basis of what would undoubtably be considered 'post-industrial' policies meant to deliver economic growth.
Read more about this topic: Post-industrial Society
Famous quotes containing the word knowledge:
“Woman was originally the inventor, the manufacturer, the provider. She has allowed one office after another gradually to slip from her hand, until she retains, with loose grasp, only the so-called housekeeping.... Having thus given up one by one the occupations which required knowledge of materials and processes, and skill in using them ... she rightly feels that what’s left is mere deadening drudgery.”
—Ellen Henrietta Swallow Richards (1842–1911)