Friedmans Knowledge Economy - Essay Example

The causes and solutions of the economic crisis are well stipulated in educational concepts. If the concepts are gained by the majority, the problem would be easily averted (4:03 – 9:10). For instance, technological advancement and understanding of the current technology have enabled people to connect and share development ideas through social media such as Facebook. This implies that if everyone understands the real problems affecting the economy, people can share ideas that can solve the crisis.

Referring to Friedman’s idea, offering jobs alone is not enough to deliver the expected results as the performance will be low (4:03 – 9:10). The strategy in uplifting the job sector should focus on hiring employees who can invent and reinvent the strategies aimed at improving performance in the changing economic times (4:03 – 9:10). It is true that education is one of the prominent pillars of the economy (15:55 – 18:05). The efficiency of the other pillars is a product of educational knowledge and skills provided through education.