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RssJay Maharjan
The congress and the Senate passed 840 billion financial bailout. Both Presidential candidates voted for the bill indicating that it was a necessity to keep the economy moving. We are going through a major change globally. Regardless of relatively large sums of bailout packages that the governments around the world are proposing, this is just a temporary fix. What the governments are doing is trying to rescue the economy and trying to manage fundamental change that is taking place in the economic cycle. Even though there are stark differences in rationale as for the types and causes of this turmoil, one thing is for certain that the economic change is sure upon us.
I have been following this Presidential race closely and I have heard both candidates, Obama more than McCain talk about steering this knowledge economy to bail us out of this mess. But, I strongly believe that both candidates are missing the point. Knowledge economy of the 20th century as we knew it is changing before our eyes and these candidates running for the highest office in the land needs to acknowledge that.
Government can not continue on the same policies – policies and regulation/deregulation that worked in the past. I keep bringing Peter Drucker’s principles, but he was so right when he said that you can not manage change – only thing you can do is stay ahead of it. If both candidates embrace the theme of change, then they must understand and recognize that knowledge economy as we knew it is in the verge of becoming a passé’.
The US maintained the competitive advantage successfully during the transformation of industrial economy to the knowledge economy. Knowledge economy worked wonders and helped keep the US in the forefront. During knowledge economy, private as well as government backed venture capitalism worked successfully, but something more needs to be done as the European Union and the countries like China and India are catching up on creating knowledge centers within their vicinities.
How conceptual economy will ultimately shape up is quite premature to predict. Entrepreneurs, academia and political leaders need to work closely on defining this upcoming era. I welcome feedback and dynamic discussion on this topic.
Recognizing the arrival of the new era will be a great first step.
Tags: conceptual age, conceptual economics, Conceptual economy, getting ready for changing economy, getting ready for conceptual age
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Hello Jay:
I believe the entire mess we have upon us now is the result of not only negligence and greed on Wall Street, but also US Treasury “laizzez faire”, or deregulation. Like we saw back in the 1980s and also in the film Wall Street with Charlie Sheen and Michael Douglas, there is great temptation to do illegal things when one can make lots of money with little or no governmental supervision. Now, the US Taxpayer has to pick up the tab – how wonderful…so, there needs to be regulation now in the next administration. Some people will be against this, but overall I believe regulation will ultimately restore “faith” that has been lost. With faith restored, the entrepreneur can they resume his mission and work endeavors with greater optimism.
Keith Johnson, M.S. Education
http://greatdocuments.net
Hallandale Beach, Florida