I came across an interesting article on The Big Shift discussing the the distinctions between knowledge stocks and knowledge flows, with the increasing wealth in a knowledge economy being placed within flows and stocks. Knowledge stocks - or the idea of centralized, guarded knowledge that individual's protect for their personal gain, influence, and economic security is demonstrating limited returns in value and wealth creation. While this has been the traditional practice for individuals and organizations, this is being replaced with an ever-increasing value in knowledge flows.
Knowledge flows being developed through integral webs of high-value relationships and networks which continuously improve, update, and maintain knowledge 'reserves' amongst its stakeholders. There is a law of diminshed returns when we regard knowledge as stocks to be privately held and reserved, as new, emergent knowledge is increasingly being generated rapidly shortening product lifespans and current capacities for problem solving.
As the authors write, "As the world speeds up, stocks of knowledge depreciate at a faster rate...To succeed now, we have to continually refresh our stocks of knowledge by participating in relevant flows of new knowledge."
This raises interesting challenges for individuals' when thinking about their networks, relationships, personal, and professional development. An era where job security and economic vitality will be driven through knowledge flows requires a fundamental rethink in the need for investing in one's skillsets, toolkits, networks, and communities. Investing in knowledge stocks may have gotten us to where we are, but certainly may not get us to where we want our future portfolios to be.