MGMT 1000 LECTURE + TUTORIAL NOTES - MGMT 1000 Lecture and Tutorial Notes Week 1 Lecture The Importance of a Knowledge Economy Continuous learning is no

MGMT 1000 LECTURE + TUTORIAL NOTES - MGMT 1000 Lecture and...

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MGMT 1000 Lecture and Tutorial Notes Week 1: Lecture: The Importance of a Knowledge Economy Continuous learning is no longer a luxury – it is an absolute necessity “We are in a new world with a new economics and new rules of social life” “Ownership of knowledge, as opposed to the ownership of financial capital, is becoming the formative force” “People can join the knowledge economy by levering their ability to learn – this is the way to acquire one’s own intellectual capital” A new way of thinking about business An underground network that exchanges knowledge for a price A trillion-dollar market space The engine driving innovation and change A shift from “bricks” to “clicks” The reason continuous learning and skill-development is so important today It is essential to “learn to learn” and develop one’s intellectual capital Knowledge is Expanding at an Unprecedented Rate Knowledge transformation began to gain in pace with the Renaissance and the Industrial Revolution Each discovery or invention gave rise to another and another in rapid succession Changing the nature of society and all aspects of life in profound ways Knowledge is feeding on knowledge, which creates waves upon waves of change We are living in a completely new world that is generating new modes of perception, communication and relationship The importance of traditional factors of production (land, labour, capital) is being overshadowed by the importance of knowledge Increasing emphasis must be placed on:
o Continuous Innovation: successful companies are those that consistently create new knowledge o Collaborative Learning: nurture new and expansive patterns of thinking to achieve results o Competitive Advantage: knowledge is king; those who excel at creating new knowledge and transforming it into new technologies will prosper in the future Learning Organizations: New Engines of Economic Growth Knowledge and the ownership of knowledge is becoming the formative force that gives us new options The control of knowledge is leading to control of capital Learning organizations (aka knowledge creating companies) are emerging as the new engines of economic growth Represents the flip side of the knowledge economy Key Implications The key to continued wealth creation and a secure livelihood rests in the ability to join the knowledge economy Learning to Learn: Learning occurs when there is a focus on the detection and correction or error, as well as paying attention to the norms and standards shaping the steady state (“double-loop”); in learning to learn, we can become more skilled in our learning o Must be able to challenge and change our behaviours o Must be prepared to scrutinize the way in which we consciously or unconsciously block our learning abilities o Must understand key barriers and find ways of overcoming them o Must understand the context of our learning o Double-Loop Learning: encourages learning for increasing effectiveness

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