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It comes as no surprise to me that the ideas economy is showing the most growth in terms of global exports, as reported in a new study from McKinsey & Co. Traditionally we’ve associated exports with physical goods, but in this Digital Age creativity and innovation are proving to be good earners.
As the New York Times has noted, in the services sector the sharpest growth from 2002 to 2012 was in international trade of knowledge-intensive services. Think engineering, consultancy, IP, computer programming and even marketing. This trend isn’t going to change anytime soon either. Unlike the trade in commodities and consumer goods, which face tariffs and any other number of issues related to border control, the transmission of ideas require nothing more than the Internet or telephone. The faster the connection, the more seamless the transaction.