Conceptual economy

Conceptual economy is a term describing the contribution of creativity , innovation , and design skills to economic competitiveness , especially in the global context .

History and background

Alan Greenspan , Chairman of the Federal Reserve Board , recognized the role of conceptual design in the United States of America. are with the know-how, but with the ability to create, analyze, and transform information and to interact effectively with others. ” [1] By 2004, he had developed his views on the subject, referring to the United States, outsourcing to India and China, and the global marketplace, all leading to the increasing conceptualization of economic output. [2]

Alan Greenspan, Chairman of the Board of Governors of the Federal Reserve, 1987-2006

In his book A Whole New Mind , by Daniel H. Pink explains how the economy is now moving from information age to conceptual age. He describes how abundance (over-supply), Asia ( outsourcing ) and automation contribute to the need for business to concentrate on cognitive or creative assets such as design , storytelling , teamwork , empathy , play and meaning . He bases his approach on brain functions (incumbent and intuitive thinking) (,,……. (((((((((((((((((((((()

Other contributors to our understanding of the conceptual economy include Tom Friedman Who Describes the Opportunities of globalization In His book The World is Flat . He emphasizes the importance of the internet and personal computers for communications and software sharing across the globe. This section provides information on how to do business in India and China with no disruptions for the customer.

Tom Kelley is also a key player in the field, both as general manager of IDEO , a highly successful design and innovation company, and the author of two widely acclaimed books: The Art of Innovation , highlighting the importance of brainstorming and teamwork in product creation ; and The Ten Faces of Innovation , explaining the role of empathy , storytelling , personal experiences and stimulating work environments in fostering creative ideas.

The key steps behind the conceptual economy fall into the following categories:

The evolving state of the economy

Until quite recently, our understanding of the economy is based on the premise that the way forward would be dependent on traditional values ​​and qualifications such as those for accountants , lawyers , engineers , mathematicians or computer programmers . With the new opportunities resulting from globalization and the internet , Here there is an Increasing Need For artists , designers and creative authors to contribuer not only to product design goal aussi to businessmanagement and strategic planning .

Areas deserving particular attention are related to


For the past 15 or 20 years, the Western economies (Europe, North America) have experienced a situation of fully dependable supply of basic goods, including round-the-year abundance of agricultural produce , with the result that a significant proportion of the basic necessities. Families now look for goods qui extend beyond the basic norm Such As organic foods gold sophisticated digital television sets , mobile phones and cars with four-wheel drive , cruise control or integrated navigation systems .


Given the low costs of labor in developing countries Such As China , India and the Philippines , American and European companies are now outsourcing or offshoring an ever-Increasing proportion of Their Production, manufacturing tasks or services to foreign countries. As a result, JOB OPPORTUNITIES in the West are slowly moving away from routine tasks Such as accounting , phone carrier services , computer programming and electronic componentManufacturing. The efficiency of outsourcing has also been improving and improving the global communications.


In industry too, the development of robotics and automated manufacturing facilities means clustering That Opportunities for traditional jobs in Such industries as automobile manufacturing and food processing sont également diminishing. Ever higher levels of qualification are now required. [3]

Mobile phones now offer a range of additional features

New areas of opportunity

Partly a result of the above factors, a wide range of new facilities and opportunities has begun to emerge. These include:

  • the development of appealing new internet-based facilities for sales and services,
  • transport logistics for better coordination of component supply and product distribution,
  • customer-oriented interactive travel guides ,
  • value-added products combining a number of services
  • computerized courseware to enhance on-the-job training
  • sophisticated design tools for greater production efficiency.

Virtually every area of ​​the marketplace is one of the most important areas of business. As a result, these factors are seen as major contributors to increased productivity and economic growth .

Criteria for economic success

Drivers behind the conceptual economy, may be categorized into the following areas: [4]


Educational institutions need to place more emphasis on creativity and the arts rather than on traditional qualifications in the areas of engineering and management. In particular, more attention to critical literacy , critical and critical thinking , synthesis and quantitative skills: [5]

Creativity and artistry

Until now, information technology has had considerable impact on the economy . Increasingly, success will depend on how to make use of the knowledge and information that has emerged. Such qualities as intuition , creativity and game-based approaches will become more important.

Cultural and technical diversity

Prosperity and competitiveness in the 21st century will depend on an understanding of various national cultures and how to draw on their ideas in order to assist the innovation process. Here too, there will be a need for more extensive teamwork, creativity and leading-edge thinking, all in the context of the global economy.

See also

  • Computer-aided manufacturing
  • Creative industries
  • Knowledge economy
  • Cognitive-cultural economy
  • New product development
  • Globalization
  • Cognitive robotics
  • Information Age
  • Imagination age


  • Friedman, Thomas L .: The World Is Flat : A Brief History of the Twenty-first Century , New York: Farrar, Straus and Giroux, 2005, 488 p., ISBN  0-374-29288-4
  • Kelley, Tom , and Littman, Jonathan: The Ten Faces of Innovation: New York: Currency / Doubleday, c2005, 273 p., ISBN  0-385-51207-4
  • Pink, Daniel H .: A Whole New Mind : New York: Riverhead Books, 2005, 260 pp., ISBN  1-57322-308-5
  • Rooney, David, Hearn, Greg, Ninan, Abraham: Cheltenham Handbook on the Knowledge Economy : Edward Elgar, 2005, 290 p. ISBN  1-84376-795-3


  1. Jump up^ Speech by Alan Greenspan, University of Connecticut, October 14, 1997
  2. Jump up^ Alan Greespan, The critical role of education in the nation’s economy, At the Greater Omaha Chamber of Commerce 2004 Annual Meeting February 20, 2004
  3. Jump up^ Outsourcing: Job Killer or Innovation Boost? ArchivedNovember 19, 2007, at theWayback Machine., Pete Engardio, Business Week , 8 November 2006
  4. Jump up^ Deborah L. Wince-Smith, The Conceptual Economy, Competitiveness Index: Where America Stands, Council on Competitiveness, November 2006
  5. Jump up^ The Literacy of America’s College of Students, Team of Research Analysts from the American Institutes for Research, January 2006