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Knowledge-based Economy -- Who Needs It?
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20 February 2001 Edition
Previous Edition
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Two successive governments in New Zealand have extolled the need for the country
to get onboard the hi-tech bandwagon and transition this country from a
primary produce based economy to a knowledge-based one -- but is this
transition really necessary?
The country as a whole is presently doing "very nicely thank you", riding
high on the back of a low dollar and high returns for farming products.
In fact the contribution of knowledge-based industries is still a tiny
speck in an ocean of milk, meat and wood-pulp.
What's more -- by not seeing a massive surge in over-funded, under-brained
Internet ventures, we seem to have successfully avoided the tsunami
of company failures, lay-offs and decline in tech stocks that presently
plagues the US economy.
It almost sounds as if this knowledge-based economy thing was little more than
a fad -- self indulgence on the part of those people with a vested interest
or a penchant for flashing lights and hi-tech gadgets -- right?
Give that, with only a few exceptions, our contributions to the world of hi-tech
have hardly been earth-shattering in their effect, might we not be better
advised to stick to what we do best -- grow grass.
How can a tiny nation of less than four million with a tiny and incredibly
risk-averse venture capital community even dare to dream of going head-to-head
with countries such as the USA?
Of course I'm playing devil's advocate -- but I fear that, in light of recent
events, there is actually a growing number of people who might argue that
everything I've said above is sound and reasonable.
Let's just remember -- during the early years of the car's evolution it was
not uncommon to see vehicles stopped -- billowing steam and smoke on the side
of the road. Those who steadfastly refused to embrace the belief that such
machines would replace the horse would ride past, quietly admiring the proof
of their argument.
I wonder where they are now?
Let's not allow a small cyclic resurgence in the good fortunes of our
primary industries suppress our goal of moving New Zealand into the
21st century. We must not be allowed to become a nation of blacksmiths
looking for work in a world where everyone else is driving cars.
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