Authors: Christopher Lettl; PoulH Andersen
AbstractThe degree of incorporation of knowledge into economic activity is increasing rapidly these years, with profound consequences for strategic thinking and management. As the importance of knowledge inputs in value creation come to the fore, firms becomes increasingly focused on learning and innovation (OECD, 1996). An important trigger for this development is the decreasing barriers for distributing knowledge across economic and physical space. The increasing codification of knowledge spurred by both globalization and the ICT revolution is increasing both the turnover of knowledge and the focus on continuous learning and innovation in order to maintain a competitive differential (ref AMJ, 2008). ICT favour the distribution of knowledge over re-invention, and increases the importance of acquiring and distributing knowledge across industrial sectors. In line with Adam Smith’s famous dictum[1], that the division of work is limited only by the extent of the market, the fundamental changes in nature and role of knowledge as a productive factor, gives rise to new divisions of work, new specialist positions and correspondingly business models in line with the changing competitive realities. For firms, the ability to develop new knowledge-based business models becomes an increasingly critical component of value creation and economic growth. [1]”As it is the power of exchanging that gives occasion to the division of labour, so the extent of this division must always be limited by the extent of that power, or, in other words, by the extent of the market. When the market is very small, no person can have any encouragement to dedicate himself entirely to one employment, for want of the power to exchange all that surplus part of the produce of his own labour”
Journal: n.a. (n.a. – n.a.)
Web Address: n.a.
Publish Year: 2009
Conference: Marseille, France (2009)