October 15, 2002

Knowledge and information is being produced today like cars and steel were produced earlier. But just as the importance of land in production changed dramatically as the economy moved from agriculture to industry, so too does the movement to a knowledge economy necessitate a rethinking of economic fundamentals. In the Information Age intellectual rights, rather than physical products, are being transacted. The cost of developing new products far exceeds the cost of production. Skilled, talented, innovative and fulfilled people constitute human capital, which fuels economic growth. All people everywhere have the potential to contribute. One of the major policy dilemmas already facing decision makers is how to secure the supply of human capital with the declining and aging population.