Fast social–political and economic changes European societies have been faced with in
the last few decades have had a significant influence on educational changes, highlighting
the needs for the ...reform of educational systems and their adapting to the new needs
of economy and society. For this reason, more attention is paid to the issues of reform
processes regarding the area of secondary vocational education in professional literature.
Such practice is being conditioned by the fact that modernization of this important segment
of educational system, having in mind its direct connection to economy and business
world, presents a crucial assumption of an overall social and economic development of
every country.
For the reasons mentioned above, this paper deals with problems in the reform of
vocational education in Serbia, and vocational education is being discussed from the
context of economic growth and society development. The aim of this paper is to point out
the importance of economic value of education as well as importance of investments in
human resources. Theoretical elaboration and set tasks have forced the use of descriptive,
comparative-historic and analytical-synthetic method, as well as the use of content
analysis. Analysis results, however, indicate that even though today’s education economic value of education is undisputed, educational system in our country still faces a multitude of problems and challenges posed by modern society.
This paper approaches the problem of knowledge accumulation by the management team of organizations, but specially that ones focused on obtaining profit in order to obtain competitive advantage. ...After a brief presentation of the general context, the idea of continuing learning as investment is developed, tacit and explicit knowledge are differentiated and a grouping of knowledge into standardized, specialized and created knowledge is proposed. Further is proposed a process of continuing learning process for management team and the stages of continuing learning. Finally, a model of appraising investments in management knowledge turnover is also proposed.
Public policy spanning a broad range of contexts, ranging from the European Union, to states, cities and local communities around the globe, has turned to entrepreneurship to provide the engine for ...economic growth, competitiveness in globally linked markets, and jobs. This book explains why entrepreneurship has emerged as a bona fide instrument of growth policy. The knowledge spillover theory of entrepreneurship suggests that entrepreneurship provides a crucial mechanism in the process of economic growth by serving as a conduit for knowledge spillovers. Investments in new knowledge and ideas may not automatically spill over and result in commercialization, as has typically been assumed in models of economic growth. Rather, the existence of what is introduced as the knowledge filter impedes the spillover and commercialization of investments in new ideas and knowledge. By penetrating the knowledge filter and facilitating the spillover of knowledge that might otherwise not be commercialized, entrepreneurship provides the missing link to economic growth. This new focus of entrepreneurship as a conduit transmitting the spillover of knowledge generates a series of theoretical propositions, involving not just the impact of entrepreneurship on economic performance and growth, but also the very nature of entrepreneurship. The theoretical propositions range from positing that entrepreneurial opportunities are not exogenously given but rather endogenously and systematically created by investments in new knowledge and ideas, to the importance of geographic proximity between entrepreneurial activity and knowledge sources, the impact of location on entrepreneurial performance, and the new roles for board, managers and modes of finance in entrepreneurial firms accessing and absorbing knowledge spillovers. These propositions are subjected to systematic econometric scrutiny and verification using both aggregate data to analyze the links between entrepreneurship and growth, as well as firm-level data to analyze the impact of knowledge spillover on entrepreneurial location, performance, boards, managers and mode of finance. The resulting empirical evidence supports the knowledge spillover of entrepreneurship not only by linking entrepreneurship to economic growth and performance, but also by identifying how the organization and strategy of entrepreneurial firms are influenced by the need to access, absorb and commercialize external knowledge spillovers. The book concludes that the new millennium may not be so much about the process of Joseph Schumpeter's creative destruction, where entrepreneurial startups displace and ultimately drive incumbent company's out of business, but rather characterized by creative construction. Globalization and its concomitant outsourcing and offshoring is the source of the "destruction", especially in terms of lower skilled jobs. By contrast, in the 21st century global economy, entrepreneurship is constructive by commercializing investments in knowledge and ideas that might never have been commercialized but ultimately result in growth, global competitiveness and employment. Thus, the emergence of entrepreneurship policy can be interpreted as the attempt to generate entrepreneurial based economic growth by creating an entrepreneurial economy. Available in OSO: http://www.oxfordscholarship.com/oso/public/content/economicsfinance/0195183517/toc.html
Purpose
– The paper examines ways that Knowledge Management (KM) can demonstrate practical value for organizations. It begins by reviewing the claims made about KM, i.e. the benefits KM can provide ...to organizations. These claims are compared with traditional firm performance metrics to derive a criterion to measure the value of KM. Seven practical outcomes of KM are then presented as methods to persuade managers to invest in KM. These practical outcomes are then evaluated against the value criterion. The paper is based on empirical evidence from a five year longitudinal study.
Design/methodology/approach
– This paper is based on a longitudinal change project for a large Australian Research Council (ARC) Linkage Project grant in the period 2008-2013. The Project was a transformational change program which aimed to help make the partner organisation a learning organisation. The partner organisation was a large Australian Government Department, which faced the threat of knowledge loss caused by its ageing workforce. The sample was 118 respondents, mainly engineering and technical workers. A total of 150 respondents were invited to participate in the study which involved an annual survey and attendance at regular training workshops and related activities, with a participation rate of 79 per cent.
Findings
– This paper provides a checklist from which to evaluate KM in terms of financial and non-financial measures and seven practical outcomes from which to identify the organisational problem which may be addressed by KM. Lead and lag indicators – what needs to be done and what will result – are also provided. Managers may use this framework to identify the value proposition in any KM investment.
Research limitations/implications
– The research is based on a single case study in a public sector organization. While the longitudinal nature of the study and the rich data collected offsets this issue, it also presents good opportunities for researchers and practitioners to test the ideas presented in this paper in other industry contexts. The seven practical outcomes also vary in the maturity of the empirical evidence supporting KM
'
s impact. Strategic alignment, value management, and psychological contract, in particular, are still under-developed and could be areas for specific further research testing the ideas presented here.
Practical implications
– This paper argues that investment decisions regarding KM may benefit from focusing on significant and on-going organisational problems, which will connect KM with firm performance and demonstrate financial and non-financial impact. The seven practical outcomes were evaluated against measurement criteria and against KM
'
s claims. Overall, common themes were time and cost, as well as capability growth and performance improvements. Financial impact was mainly found in cost savings. Non-financial impact was found across the seven practical outcomes. It provides management with a checklist to make investment decisions regarding KM.
Originality/value
– The decision whether to invest in KM begins with methods used to evaluate any organisational project. Managers must determine first whether necessary funds are available; and then whether the project is worthwhile. The standard method for evaluating a project
'
s worth is return on investment (ROI). However, calculating ROI for KM investment is problematic. Unless KM can be proven to directly improve performance in financial terms, managers may struggle to see its ROI. The paper begins by reviewing the claims made about KM, i.e. the benefits KM can provide to organizations. These claims are compared with traditional firm performance metrics to derive a criterion to measure the value of KM.
In many parts of the world, knowledge is being put to work to accelerate and deepen the development process, promoting innovation and helping to generate wealth and jobs. This book discusses advanced ...development strategies that take into account education, information and communication technology, infrastructure, innovation, and the prerequisite economic and institutional regimes.
This paper assembles novel data on the Chilean wine industry to investigate the role of investments in knowledge capital on sales growth in domestic and international markets. The study uses archival ...data collected from the Government of Chile to compile and categorize public expenditures and programs supporting the Chilean wine industry over the period of 1990-2012 into investment in different types of knowledge capital. These spending categories are related to industry-level sales growth. The paper finds that the most important correlate is spending on research and development. The study also uses data from a new survey of Chilean wine firms to capture information on firm-specific investments in knowledge capital. The findings show that investments in collaboration capital, in particular hiring foreign consultants, as well as participation in international wine fairs are the strongest correlates of growth in export sales, while spending on aspects of branding (local advertising and brand design) are the strongest correlates of domestic market sales growth.
Over the past decade, some countries of the Middle East and North Africa region have spurred economic growth and improved their global competitiveness by taking the first steps in the direction of ...the knowledge economy. The World Bank Group focuses on Arab societies that deepen their commitment to reforms in four key policy areas: developing more open and entrepreneurial economies, preparing a better-educated and skilled population, improving capabilities for innovation and research, and expanding information and communication technologies. The success of a knowledge-economy strategy depends on coordinated progress on all four fronts, with bold approaches tailored to each country's challenges and opportunities. This report includes chapters organized into three main parts. Part 1 presents the rationale and approach for the transition to the knowledge- and innovation-driven economy. Part 2 describes the policies to be implemented in key areas of the knowledge economy: governance, education, innovation, and information and communication technology. Part 3 discusses economic diversification initiatives that can help countries make the most of their knowledge-economy investments. The three annexes to this report review the literature on the relationship between the knowledge economy and job creation in the Middle East and North Africa region, provide insights on a series of country experiences from across the world in developing knowledge-based development strategies, and survey knowledge-economy issues in several Arab countries and highlight policy initiatives that are adapted to their specific country circumstances.
This paper argues that the increased flow and management of knowledge permitted by knowledge-based capital, supported by appropriate policies, can be an important factor in reducing the decision risk ...facing enterprises due to uncertainty and imperfect information, helping improve the resilience of development outcomes. Enterprises are conceptualized as information platforms that manage risk through investments in knowledge-based capital and complementary assets, providing them with the knowledge, protection/enabling, insurance, and coping/leveraging abilities to make better decisions in response to shocks. Investments in knowledge-based capital allow enterprises to better convert voluntary but risky reallocation and innovation decisions into productivity and wealth-enhancing opportunities. They can help the enterprise sector as a whole and most people to self-protect and realize better jobs, earnings, and consumption outcomes by adapting to shocks. However, absent appropriate policies, knowledge-based capital can have adverse distributional effects -- including a skewed industrial concentration of productivity gains and more unequal consumption and income-earning outcomes between rich and poor people. The paper discusses the role of policy in facilitating risk management by enterprises, ultimately to reduce poverty and boost shared prosperity. Insufficient enterprise risk-taking is costly for the enterprise sector and the economy as it results in too little experimentation and learning. The paper argues that governments should create business environments that stimulate entrepreneurial risk-taking to invest in market and social opportunities that combine new technologies with appropriately-skilled workers. Policies allowing people to better confront and manage their risks include: (1) spurring entrepreneurial experimentation; (2) supporting skills upgrading; and (3) promoting mechanisms for joint learning through global collaboration.
These proceedings provide an overview of the main issues and conclusions presented at the 2009 Fontainebleau knowledge economy forum by an outstanding group of academics, practitioners, and ...policymakers. These proceedings encapsulate the debate that was generated by: 1) the World Bank's most recent Europe and Central Asia Knowledge Economy (ECAKE) third report: restructuring of research and development institutes across the Europe and Central Asia (ECA) Region, which was put up for consultations with the forum's participants; 2) the proceedings reflect the discussion on the higher education reform across the ECA region, specifically the merits and challenges associated with world-class universities and the capacity of ECA's Higher Education Institution's (HEIs) to foster skills and job growth; and 3) the need for adoption of a stronger national Quality Infrastructure (QI) in countries across the ECA region as a key ingredient of more effective commercialization of research output, product development, and exports. The study builds on the extensive literature on enterprise restructuring and privatization in ECA on the one hand, and on the evidence from the Research and Development Institute (RDI) statistics and case studies on the other, to strategy for reform of RDIs.
