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How to benefit from the 'Knowledge Economy'

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Published: 17Dec2008
Word count: 736
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For centuries international trade was built on one simple maxim: Take something from where it is plentiful and sell it somewhere where it is scarce. The success of this, the most basic of economic models, depended not only on sourcing commodities (pepper, tea, gold, coal etc.) but also on effective delivery systems (ships, road, railways etc.). This meant that physical items had to be moved, sometimes over vast distances, to keep the economies of the world ticking over. This economic model is, as a stroll around any container port will quickly show, still with us. It is however, far from the only game in town as far as the world economy is concerned.

These days it is increasingly the case that something more intangible, namely knowledge, is being bought and sold. This is of course nothing new, knowledge has been always been seen as a valuable asset. However the big challenge was always how to successfully transport, or rather transmit, it. Successive waves of technological advances brought novel answers to this question, with each new wave widening the pool of potential 'knowledge workers'.

At the risk of oversimplification we could say that the path towards wider access to knowledge went something like this: Oral transmission, written transmission, printed transmission, auditory electronic transmission and audiovisual electronic transmission. While each of these contributed greatly to the dissemination of knowledge they all had severe limitations. In the case of the first two the main problem was reach. There are only so many people that one individual could speak or write to. In the case of the last three the problem was one of access. Access to printed and electronic media has traditionally been the preserve of rich, influential and powerful people who used 'gatekeepers' to determine exactly what could be printed, published and broadcasted. This is all changing due to yet another technological revolution: the rise of the internet.

It has often been said that the internet is bringing about the 'democratisation of knowledge' in the sense that it is suddenly possible for the voices of ordinary people to be heard on a scale that was unimaginable just a few short years ago. This means that the trade in knowledge can finally move beyond the constraints (reach and access) mentioned above. With a few basic pieces of equipment it is now just as easy to communicate with someone on the other side of the world as with someone on the other side of your city.

This brings me full circle to the basic definition of trade used at the beginning: Take something from where it is plentiful and sell it where it is scarce. It is now possible, like never before, to do this with knowledge. Allow me to personalise this for a moment: It is now possible to take knowledge from where it is plentiful (i.e. your head or even your hard drive!) and connect it with the people that need it most. This can be done without having to write books thick as doorstops or having to gain access to as many television studios as possible.

Economists often talk about the 'Knowledge Economy' as a way of describing the economic model that is emerging as a result of the way in which knowledge can be accessed and traded as never before. I want to encourage you to think deeply about the implications of the Knowledge Economy for you personally since it is indeed possible to translate it from just another 'high faluting' theory into something that can make a real difference to your own life. Consider for a moment the amount of knowledge and experience that you have built up over your lifetime and how this can benefit people who are still starting out along the roads that you have already travelled. It is quite likely that such people would be willing to pay good money to 'tap your brain'. It is now possible for you to make this happen, allowing you to benefit handsomely from the process. How is this possible? Simple: Use the internet to sell your knowledge to those who need it most!

It used to be said that 'Knowledge is Power' and this is still the case. However the rise of the Knowledge Economy means that you can benefit from a life of learning to such an extent that it may become possible for you to rephrase this maxim into: Knowledge is wealth!

Are you keen to find ways in which you can capitalise on the experience and knowledge that you accumulated over a lifetime? The internet makes it possible to sell your knowledge to those who need it most. Please visit http://www.doxmart.com for practical advice on how this can be done.

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