“…In this section, I briefly consider the dominant account of an economic transformation, based on the growth of knowledge industries, and critically assess parallel claims about the declining significance of class and gender. The dominant rhetoric in those boom years in disciplines interested in the economy in general and labour market changes in particular, was about the 'new' knowledge Journal of Youth Studies 575 economy (Carnoy 2000, Perrons et al 2008, about affective labour (Hardt 1999, Larner and Molloy 2009, McRobbie 2011, and about living on air, a term coined by Leadbeater (1999), to capture the dominance in the economy of new jobs in which cerebral attributes were more significant than physical strength as high-status service sector employment in the financial sector, in the creative industries, in research, development and education replaced the manufacture of goods as the leading edge sector. US economist Robert Reich (1992) identified symbolic manipulators and analysts as the key portfolio, risk-embracing workers in the new economy.…”