Lesson 38: The Knowledge and Technology-Based Economy of Today

The students examine information about knowledge workers and their impact on economic expansion. They discuss the opportunity cost and the benefits of investing in education beyond high school. From 1968 to the present, the knowledgebase sector of the U.S. economy has expanded, and its total shares of output and employment have increased. The shift from manual labor to knowledge-based jobs has placed increased emphasis on education, technical know-how, experience and skills. The resulting growth in technical know-how and scientific advancements have contributed to the rise in real output and improved the U.S. standard of living during the late twentieth century.

Concepts:

Economic growth, Human capital, Incentives, Knowledge, Technology
National Content Standards in Economics:
  • Standard #15: Economic Growth