Magazine article The Catalyst

Endpaper

Magazine article The Catalyst

Endpaper

Article excerpt

It is said that a tourist once spotted the famous Spanish artist Pablo Picasso in a Paris café. The tourist asked Picasso if he would do a sketch of his wife for pay. Picasso sketched the wife in a matter of minutes and said "That will be 10,000 francs [roughly $2,000]." Hearing this high price, the tourist became irritated, saying "But that took you only a few minutes."

"No," replied Picasso, "it took me my entire life."

Picasso understood the value of a lifetime of learning. The value of the portrait could not be described in terms of how long it took to construct, but rather the talent that took a lifetime to develop.

Much of the world has evolved from an industrial economy to an economy that values information, knowledge, and talent above the raw materials and factories that were once the cornerstone of economics. These sources of value that Picasso understood so well a century ago, but that aggravated the tourist, are the foundation of economics in the 21st century.

Trends clearly indicate a shift toward a knowledge-based economy; however, the economic models, infrastructure, and cultural behavior to support the shift in value have lagged. …

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