The wisdom economy

This week, the RSA talked about the transition from the 'knowledge economy' to the 'wisdom economy'. Intuitively, this sounds great. Words like 'consideration', 'thoughtfulness', 'insight' and 'consequence' come to mind. The basic premise is that knowledge and skills have been the differentiator for Western economies but we are seeing that the emerging markets are as intelligent, innovative and creative as the west. More importantly, the emerging markets are able to provide services and produce 'things' at a fraction of the cost as the western markets.

So what can differentiate the mature western markets? What is the next stage of maturity or evolution? The proposal is wisdom. The article states:

"A wisdom economy doesn’t ignore knowledge, but recognises that value is attached to the ethical and social framework within which that knowledge is used. Wisdom recognises that values and value-judgements are implicit in the way we live and that we need to be open about them. The knowledge economy is innovative. The wisdom economy is reflective. Reflection doesn’t displace innovation: but it asks what the purpose and end of the innovation will be. It stops to consider the consequences, and will sometimes place a higher value on inaction than on action as a result."

Here is the link to the article:

http://comment.rsablogs.org.uk/2010/03/03/knowledge-economy-wisdom-economy/

These types of idea are appearing more and more in conventional thinking. If wisdom is the next development of how we live together and operate, the time is right to sharpen our self awareness and review our values.