Conceptual economy is a term describing the contribution of creativity, innovation, and design skills to economic competitiveness, especially in the global context. History and background Alan Greenspan, former chairman of the Federal Reserve Board, recognized the role of conceptual output as early as 1997 in a speech at the University of Connecticut when he said "The growth of the conceptual component of output has brought with it accelerating demands for workers who are equipped not simply with technical know-how, but with the ability to create, analyze, and transform information and to interact effectively with others." By 2004, he had developed his views on the topic, referring to reductions in manufacturing in the United States, outsourcing to India and China, excess of supply and the global marketplace, all leading to the increasing conceptualization of economic output. In his book A Whole New Mind, Daniel H. Pink explains how the economy is now moving from the information age to the conceptual age. He describes how abundance (over-supply), Asia (outsourcing) and automation contribute to the need for business to concentrate on cognitive or creative assets such as design, storytelling, teamwork, empathy, play and meaning. He bases his approach on brain functions explaining how qualities dependent on the left hemisphere of the brain (logic, knowledge) now need to be complemented by those associated with right-brained processes (intuition and creative thinking). Other contributors to our understanding of the conceptual economy include Tom Friedman who describes the opportunities of globalization in his book The World Is Flat. He emphasizes the importance of the internet and personal computers for communications and software sharing across the globe. This explains how American companies are able to outsource a substantial portion of their business to India and China with no disruptions for the customer. Tom Kelley is also a key player in the field, both as general manager of IDEO, a highly successful design and innovation company, and the author of two widely acclaimed books: The Art of Innovation, highlighting the importance of brainstorming and teamwork in product creation; and The Ten Faces of Innovation, explaining the role of assets such as empathy, storytelling, individual experiences and stimulating work environments in fostering creative ideas. The key steps behind the conceptual economy fall into the following categories: The evolving state of the economy Until quite recently, our understanding of the economy was based on the premise that the way forward would