What do I mean by crossing the T? In reference to the metaphor of dotting your i's and crossing your t's, this blog post is going to be about paying attention to the little details of the economy, which is being pushed to transform rapidly by COVID-19. In this moment of many transitions, I would like to take a time-lapse capture of the metamorphosis of the global economy from an industrial-based one to a knowledge-based economy.
What is a knowledge-based economy?
As the name suggests a knowledge-based economy is one that attributes the flow of resources to the production, distribution and consumption of information. For example, in information systems, a knowledge management system is one that requires the specialisation of an expert to use their abilities to interpret the data and convert it into information. This usually occurs at a mid-senior level in a traditional hierarchical environment. However, in 2020 we are seeing the workplace transform dynamically into flat hierarchies and open-plan offices where there is an open dialogue between management and employees. This fosters a close-knit thread of information flow throughout the organisation, which are now increasingly building knowledge-bases with the help of their employees to retain the knowledge within the firm. Why? This is because knowledge is now the biggest asset, not just from a firm's perspective, but even for you and for me.
The emergence of the knowledge-based economy
This new type of economy will see the emergence of computers, technology and aviation industries at an unprecedented growth than ever before. We have also seen the growth of hybrid EdTech, BioTech and FinTech industries accelerating the transition from a traditional industrial economy to a knowledge-based economy. In this economy, value is being created by the increased accessibility, sharing and analysis of knowledge through networks and communities. The driving force behind the emergence of the knowledge economy is fostered by innovation and entrepreneurship. However, this brings to many questions that yet to remain answered - How soon will policies shift to upskill and transform the average Joe into a lifelong learner? And the most important question - How sustainable is the knowledge economy? Will we continue going to the Moon or Mars and back without eradicating inequality?
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T-shaped skills for the knowledge worker
The importance of T-shaped skills is imminent as the knowledge worker is forced to compete in their specialisation but also collaborate, communicate and creatively problem-solve. Machines have already, in most cases, have replaced manual and repetitive processes. Thus, now is the time for managerial skills to take precedence as we navigate and continue to shape contemporary practices at the global workplace, playing our part in a global village to benefit humanity and society. We can do this by deconstructing skills to their basic elements and increasingly read across subjects to widen our horizons. Thus, broadening the scope of finding solutions from interdisciplinary methods.
How the dual degree in Economics and Management vs Economics aids in acquiring T-shaped skills?
Economics utilises mathematical and statistical techniques to interpret and model variables in the translation from reality to predicting forecasts or trends. Whilst it can be argued that mathematics is a form of poetry, for the less technically fluent among us who need to rely on language to understand the music of concepts, a dual degree of Economics and Management provides the perfect grounding. It generates a balance between the technical skills of understanding and interpreting variables to the more social and anthropological aspects of implementing change and workflows in organisations.
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