The knowledge economy: what it is, where it comes from and what it means to Technology Education in Australian schools

The single most decisive factor in influencing a country’s living standard is economic growth. The engine of this growth, above all else, is innovation – almost regardless of other economic factors. This innovation, along with the knowledge development and management that drive it, are the building blocks of an information society and a knowledge economy. How societies promote, manage and disseminate knowledge are the keys to economic and social development. The unique characteristics of knowledge and the dynamics of the knowledge economy mean that a cultural change is required from thinking in terms of production to thinking in terms of innovation. Inevitably, many of the capabilities, dispositions and knowledges needed to participate in the information society will be acquired and renewed through formal education. Relevant lifelong education will become the centre of the knowledge society. If the vision statement articulated by educators in the Technology Education Action Plan (2002-2006) is realised, technology educators are poised to play a crucial role in determining Australia’s future. The systems, processes and cognitive skills that technology education imbues are critical determinants of Australia’s ability to compete and succeed in the 21st century knowledge economy.