Knowledge-based economy hypothesis revisited

Abstract

At the theoretical level, within the context of developed countries such as the UK and USA, the paradigm of the emerging 'knowledge economy' is becoming prevalent in sociology, and social sciences more broadly. Leading social scientists see this as a crucial development. This paper challenges the view about the emergence of this new type of economy and looks at the intersection of economics and the sociology of education. Central questions to be addressed here are whether we need a radically new approach to education in the light of the recent developments? Should broad and humanistic goals be subjected to the needs of economy and the labour market? How can we best approach educational planning? Are we witnessing the emergence of the economy of the highly skilled? Are there examples that represent a countervailing power to this hypothesis? Are there instances where we can witness the 'low skills' agenda? In essence, the paper is geared to investigating how these questions can be answered or deflected.

Keywords

• knowledge-based economy
• education
• labour market
• social sciences