iProceed has been arguing that we need to transition from being a knowledge economy to a wisdom economy since parts of economies of countries like China and India are already operating as knowledge economies (Related article: Knowledge economy becomes global). To expedite the transition of US economy to a wisdom economy, two things are critical: education of younger Americans and retraining of older Americans who are increasingly being pushed out of jobs that they did all their lives and do not have the skills to do what may be needed in a rapidly changing economy in which many services can be provided from almost anywhere. (Related link: End of knowledge economy; birth of wisdom economy)
It was, therefore, sad to read the findings of the study by National Center for Public Policy and Higher Education that we get a F grade in affordability of education. It may be worthwhile to point out that we already are lagging in producing enough "technologists" compared to India and China. Education in both India and China is so inexpensive (cost of education as a percentage of median household income) that it is technically free to study.
We are also seeing some competition emerging from rather unlikely places. In biotech, Singapore is emerging as a strong competitor (Related article: Will biotech save American economy?). And knowledge workers are not just in China and India any more. Even countries like The Philippines and the UAE have potential to grow into strong competitors leveraging their educated workforce. (Related article: Knowledge workers everywhere)
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What do we need to do to transform America into a wisdom economy?
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It was, therefore, sad to read the findings of the study by National Center for Public Policy and Higher Education that we get a F grade in affordability of education. It may be worthwhile to point out that we already are lagging in producing enough "technologists" compared to India and China. Education in both India and China is so inexpensive (cost of education as a percentage of median household income) that it is technically free to study.
We are also seeing some competition emerging from rather unlikely places. In biotech, Singapore is emerging as a strong competitor (Related article: Will biotech save American economy?). And knowledge workers are not just in China and India any more. Even countries like The Philippines and the UAE have potential to grow into strong competitors leveraging their educated workforce. (Related article: Knowledge workers everywhere)
Recommended articles:
What do we need to do to transform America into a wisdom economy?
China becomes a tech superpower