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Friday, March 1, 2024
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The Knowledge Economy

The Knowledge Economy‘ also sometimes called ‘The Knowledge Market’ is a concept that you should understand in today’s world.

In this economy the most important commodity or good or product is knowledge. What you know, that the next person doesn’t know is your commodity in that market. Others buy your knowledge and you sell your knowledge. In other words knowledge is the product.
The more accurate and more knowledge you posses in a certain subject the higher the value of your good.

The laws of supply and demand also apply in this economy. Very high demand and low supply of knowledge result in very high prices for knowledge. For example in Zimbabwe, we have very few eye surgeons and pathologists. That is why the Dr Guramatunhu’s of this world are paid very hefty packages. Their domain has very high demand and very low supply. Other domains have very low demand and very high supply. For example the accounting field with CIS and all similar programs that have resulted in the low pricing of that good. Most people in this domain end up as clerks with little compensation for their knowledge.

I am priviledged to be friends with some of you who are active participants in this knowledge economy. Some of you are medical doctors, some are scientists, some engineers, others architects, computer programmers, artists, musicians, graphics designers, bankers, etc.

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What I do encourage all of you to do is to enhance your knowledge base. Master your craft. Learn learn learn. Practice practice practice. No one in this economy who is not disciplined enough to master his craft deserves to be valued highly.
A general practitioner for instance, would pursue gynaecology or paediatrics and become a valuable knowledge posseser.

Whatever it is you do, find out how to enhance your knowledge and how to become more valuable in your sector of the knowledge economy. Are you a guitarist? A writer? A filmmaker? A programmer? Master your craft.

Emirates

In this economy being intellectually gifted is an advantage because where others are naturally scared and not able to attain to certain qualifications the few that make it get paid. Look at actuarial scientists, medical doctors, astronauts, car designers like BMW car designers.

But even if you are not intellectually gifted, I know of furniture makers who are making a fortune designing the best sought after furniture for presidents such as Obama, and the royal family of England. Such individuals disciplined themselves to know furniture making beyond the normal and are now very valuable. Their expert knowledge in that area alone makes them very valuable commodities in the knowledge economy.

Others don’t even make professions out of their knowledge. Others just need to ‘know’ where a certain product is found in abundance and where it is in very high demand. For example the guy who is buying maize from small scale farmers and milling it and selling mealie meal to cities like Bulawayo who don’t farm much because of their clinate but eat lots of sadza. Such an individual knows how to use knowledge to become valuable.

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Remember…you get paid for what you know that others dont know.

That is the summary of what the knowledge economy is all about…

Source: – James Ritala’s Facebook Post

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Nigel Mugamu is extremely passionate about the use of tech in Africa, travel, wine, Man Utd, current affairs and Zimbabwe.

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