Alex Tabarrok really touched on two megatrends that stand to change the course of human economic evolution over the course of the 21st century. These trends are education and globalization; which really, in my opinion, tie into one another and will change drastically how managers of the 21st century will have to operate.
Tabarrok uses the basic economic principle of supply and demand to help explain why he is optimistic about the future (Tabarrok, 2009). As globalization continues to occur, demand for technology, healthcare, entertainment, and many other things that the currently industrialized and rapidly industrializing worlds currently enjoy will surely increase. As the demand increases the supply of qualified individuals to deliver the products and services will decrease thereby increasing the demand for educated individuals. Managers of the 21st century are going to have to be prepared by making allowances for their employees to keep educationally up to date. The invention of the learning organization is somewhat of a newer concept but will need to be expanded upon further if companies wish to thrive in a global marketplace. Mangers will increasingly need to learn more about languages and cultures than ever before and they’ll have to use these ideas to learn how to market and deliver quality products to these emerging nations. Also, as technology is rapidly advancing, managers will need to learn how to better understand the tools that they have available to help them achieve their organizations primary objectives.
Other areas of the business environment will also be affected by globalization and managers will need to continuously make sure that their employees have received the proper training for the global market. In an article presented in the American Journal of Business Education titled “Employer Expectations of Accounting Undergraduates Entry-Level Knowledge and Skills in Global Financial Reporting” states that, “Few U.S. universities have a strategy in place to integrate IFRS (International Financial Reporting Standards) into the undergraduate accounting curriculum,” (Jones & Vedd, 11/2009). Demand for these services are rapidly increasing and the supply of qualified individuals is decreasing. Because globalization is occurring and standards are changing at such a rapid rate, it’s up to managers, and not just the education system, to start ensuring that their employees receive the proper training.
Works Cited:
Jones, C. G., & Vedd, R. (11/2009). Employer Expectations of Accounting Undergraduates Entry-Level Knowledge and Skills in Global Financial Reporting. American Journal of Business Education , 85-101.
Tabarrok, A. (2009, 02). Alex Tabarrock on how ideas trump crises. Retrieved 01 16, 2010, from TED: http://www.ted.com/index.php/talks/alex_tabarrok_foresees_economic_growth.html
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