Economic Drivers in the 21st Century
Over the last three decades, the world has witnessed historically unprecedented levels of economic liberalisation resulting in the increased flow of people, goods, capital and money between nations, markets and economic spheres.
This seemingly irreversible process has simultaneously slowed down and facilitated economic growth and productivity in different parts of the globe, changing the nature of societies, their labour markets and national economies themselves.
The impact of the newly globalised and technology-driven economy on developed societies has been profound. No longer locality-dependent, its manufacturing bases have steadily moved to cheaper labour markets leaving developed nations to focus on the development of knowledge-intensive economic structures.
Today, developed nations are said to be operating ‘services’ or ‘knowledge economies’ in which knowledge (rather than quantity of labour), and technology (as the main productivity facilitator) hold the key to economic growth. In Australia alone, 73 per cent of the workforce is employed in the knowledge and services sector contributing 52 per cent to national GDP.
However, this seismic change has yet to find its articulation in the languages and methodologies of record keepers and economic managers of the post-industrial world. Financial accounts of organisations and economies alike remain married to the manufacturing era and measurement of all things tangible, ignoring – and therefore not appropriately managing – the intangible and knowledge-intensive resources of the post-industrial economy.
The Society for Knowledge Economics seeks to open up the issue of intangibles for a national debate and position it on the economic agenda for the 21 st century Australia.
- The Institute of Actuaries of Australia
- CPA Australia
- The Australian Government Consultative Committee on Knowledge Capital (AGCCKC)
Who are we?
In 2003, the Australian Government Information Management Office and the Department of Finance and Administration, inaugurated a committee with a mandate to explore and develop opportunities for the strategic development of the Australian economy in the area of knowledge economics.
For the past two years the Australian Government Consultative Committee on Knowledge Capital (AGCCKC), has sought to turn the problems posed by the new economic paradigm into a leadership opportunity for the Australian economy.
Its efforts have culminated in the establishment of the Society for Knowledge Economics, a professional body with a national charter to raise awareness and instigate a debate on the changing nature of the global economy, and the related need for the appropriate measurement and management of its key economic input – knowledge capital .
What is our goal?
The primary aim of the project is to show that managing knowledge-intensive resources holds a key to productivity and performance in the post-industrial age.
Our goal is to become a focal point of the national debate on managing the key resources of the post-industrial economy, as well as to encourage the adoption of best practice management and measurement systems and processes for extracting greater value from Australia’s knowledge capital.
Call to action
To achieve this, the Society for Knowledge Economics is calling for an assessment, development and implementation of a set of guiding principles for the strategic management of knowledge-intensive resources.
The aim of the guiding principles is to enable financial and non-financial measurement, risk profiling and management of knowledge capital across industries and sectors.
What is our charter?
Leading the knowledge economy
To position Australia as an international leader in innovative organisational management and support a successful transition of the national economy to the post-industrial age.
To develop and galvanise a community of best practice in the area of measurement and management of knowledge capital by engaging relevant stakeholders in the development of frameworks and guidelines, discussion forums and knowledge exchange.
Lobbying and promoting
To partner with governments and professional associations to articulate and promote the value and benefits of the management, measurement and development of knowledge-intensive resources to the Australian people, organisations and economy.
To increase public awareness about the importance of knowledge and innovation to national and organisational productivity and performance.
Best practice guidelines
To assist Australian organisations in the development of valuation and risk assessment methods for knowledge-intensive organisational resources and activities.
To promote recognition, better understanding and best practices in the development and management of knowledge and innovation in Australia.
Research, training and accreditation
To evaluate and communicate the value accrued from managing knowledge and innovation.
To develop professional recognition systems for practitioners involved in the fields of knowledge capital and extended performance management.
What is our value proposition?
To business and government
- Increase national productivity and prosperity, and build better workplaces through improved management of intangible resources
- Facilitate better management of knowledge transfer in an aging workforce
- Develop a consistent reporting framework to better communicate levels of productivity derived from valuation, risk profiling and adequate management of knowledge-intensive resources
- Help improve the quality and efficiency of knowledge capital utilisation
- Focus, align and coordinate investment in knowledge and innovation
- Assist the development and understanding of valuation techniques for technology investment, research and development, brands, etc.
- Support, feedback and participation in knowledge capital and extended performance management-related pilot projects
To members, stakeholders and community of practice
- Active participation in formulating the framework and guidelines for valuation, measurement and management of knowledge-intensive resources
- Access to the Society’s intellectual property, knowledge network, newsletters and forums
- Accreditation as a service provider in an emerging and high-demand sector
- Leveraging the Society’s forums, events, and other initiatives for knowledge-sharing, networking and further development of processes, methodologies and guidelines
- Engagement with governments through the Society’s lobbying efforts on policy formulation and research funding
- Support, feedback and participation in knowledge capital and extended perfor mance management-related pilot projects
To the Australian workforce
- Enhancing workplace environments by improving organisational capability and innovation, and the ability to manage organisational and social knowledge-intensive resources
- Better transfer of knowledge across industries, social sectors and age groups
What is our action plan?
The Society for Knowledge Economics brings together a team of highly skilled and knowledgeable professionals with a vision to engage the nation in a program of recognition and acceptance of new management principles for the 21 st century knowledge-intensive economic practice.
The Society proposes to do so by:
- Inviting contributions from leading practitioners in accounting, economics, law, management, and information technology
- Leveraging international affiliations with like-minded bodies and organisations around the world
- Publication of best practice guidelines and frameworks developed using local expertise
- Commissioning research and proof of concept studies in the area of knowledge capital management
- Keeping its members, stakeholders and the public informed by publishing a quarterly newsletter
- Running an annual conference program to facilitate knowledge exchange in the areas of knowledge economics and Extended Performance Management
- Offering an annual training program to the community of practice
- Organising workshops, forums and retreats to drive further development of related theories, methodologies and processes
- Publishing relevant findings and information, and providing essential membership services through the Society’s website
Committee of Management
Vice-President and Director