The Newest Economy: Welcome to the Credential Currency Revolution

National Laboratory for Education Transformation via Workforce Monitor

In the “newest economy,” ones education, knowledge, skills and experiences are defined as authenticated forms of currency that are shared in a marketplace of buyers (employers) and sellers (individuals). This marketplace currently exists but is disconnected, inequitable, and not transparent. It does not have a central hub that could reveal such forms of currency within “a more organized, decentralized technology and data leveraged ecosystem. . .” In a Harvard Business Review essay published in 1992, Peter Drucker popularized the term “knowledge economy” (fist coined in the mid-1960s). Drucker prognosticated how Western society would encounter a transformational rearrangement, resulting in an unimaginable new world that would take hold in 50 years. That new world arrived about 20 years earlier than predicted, as today the knowledge economy exists over the Internet.

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