Economic Drivers in the 21st Century

Situation background

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.

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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

To members, stakeholders and community of practice

To the Australian workforce

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:

Committee of Management

Steve Vamos

Alex Malley
Vice-President and Director

Chris Liell-Cock
Executive Officer

Mark Bezzina

Andrew Gale

Patrick Callioni

Tamara Plakalo

Christina Boedker