Working in Modern Society SOC 300

Working in Modern Society Name University Course/Subject Professor Date Significant changes are in fact evident through the modern age of America, especially in terms of its economy. Since the 1980`s, three factors can be attributed to the successful reconstruction of the US economy: globalization, the creation and application of new technologies, and the shift to a knowledge-based economy CITATION Bru02 \l 1033 (Lehman, 2002). As these changes occur from a general perspective, so it has as well from a marginal perspective. Consequently, this accounts for the overall reform of working in modern society. The course of action for the work setting in the modern society is now based on their acquirement of advance technology and well-educated minds CITATION Ian06 \l 1033 (Brinkley, 2006). Thereon, knowledge has been recognized as indeed a valuable asset to the rise of the US economy. As a matter of fact, the intellectual domain has become their competitive edge through the 21st century CITATION Bru02 \l 1033 (Lehman, 2002). The higher the level of education achieved, the higher the probability of financially earning more; thus, education is regarded as the best investment to be economically viable as well as to be deemed personally valuable to society CITATION The08 \l 1033 (The Federal Reserve Bank of Dallas. San Antonio Branch., 2008). Sellens (2009) summarizes it as follows: "These days, economic activity (production, distribution, exchange, and consumption) is undergoing a process of profound transformation, which we can summarize as having started with the migration from an industrial economy towards a new structure characterized by the decisive importance of information, communication and knowledge streams" At the outset, the term ‘knowledge` has quite an ambiguous effect, particularly as a foundation for an economic model. Today, society is referred to as an ‘information society` for its high regard for data, statistics, and all forms of fact; however, it must noted that ‘information` in itself has not a similar connotation as with ‘knowledge`, in this case. In point of fact, knowledge has a wider range of conception in relation to information. Additionally, it has been categorized accordingly to distinguish the types of knowledge that there are and on which respects of society they are applicable. As such, OECD (1996) distinguishes them as: ‘know-what` which refers to knowledge as facts; ‘know-why` which refers to scientific knowledge of the principles and laws of nature; ‘know-how` which refers to skills or the capability to do something; and ‘know-who` which involves information about who knows what and who knows how to do what. Such distinction is made for a more systematic approach towards this newly emphasized economy. Then again, for some, the idea that the current economy is in fact one that is knowledge-based may not be true at all; after all, isn`t knowledge an essential through the development of an economy in whatever state? It is no original idea either as Adam Smith had, in his time, noted of "…new layers of specialists who are men of speculation and who make important contributions to the ...