Knowledge and skills in the global economy

According to Dicken “Knowledge and skills depend on such conditions as the breadth and depth of education and the particular history of an area’s development” (Dicken, 2011),

Both Knowledge and skill spur the development of new technology and encourage the advancement of current technology, this is prevalent in Silicon Valley where tech giants recruit the brightest minds to develop the latest gadgets, According to the U.S Bureau of Labor and statistics Economic growth in the area grew 13.4%-168.5 Billion compared to overall U.S GDP growth of 2.6% last year (Tawakol, 2011)This is a prime example of how knowledge brings the skilled mind to the epicenter of technology, Silicon Valley is our nearest example of cumulative & self-reinforcing development and exemplifies Dickens statement on how our current history has developed this area.

Works Cited

Dicken, P. (2011). Global Shift. New York, London: The Guilford Press.

Tawakol, O. (2011, 11 08). Why Silicon Valley is Bucking The National Unemployment Trend. Retrieved 03 13, 2013, from Forbes.com: http://www.forbes.com/sites/realspin/2011/11/08/why-silicon-valley-is-bucking-the-national-unemployment-trend/

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One thought on “Knowledge and skills in the global economy

  1. The fact that the Silicon Valley is withstanding the trend of unemployment throughout the country proves that knowledge and skills are essential for a TNC to succeed. The locational significance of labor as a “production factor” (Dicken, 2011), is evidenced by the top-paid engineers and IT professionals in the Valley. These highly-skilled workers continue to create ideas and innovations that change the world as we know it.

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