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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.
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