Intellectual Capital/Stewart 43- 46

44 They aren’t secretaries anymore. Rather than re-adding spreadsheets, they’re helping to analyze them; rather that retyping letters, they are doing research; rather than setting up meetings, they are arranging conferences. They’ve drained the typing pool and put in a gym.

Markets are pitiless. They reward whatever creates value and ignore or punish whatever does not.

If knowledge is the greatest source of economic value, one would expect to see labor markets reward people who work with their brains and slap around those who do not.

46 …educated people command a greater pay premium than used to.

It is significant that college-educated worker’s wage premium has grown despite the fact that supply has increased, too, as the percentage of the workforce that attended college rises.