Ireland has pledged its future to the creation of the knowledge economy. This means that our economic wellbeing will be predicated on our ability to create "value-added" jobs, mainly in the research, development and innovation space – and, to be fair, the country has been hugely successful in attracting some high-calibre foreign direct investment, in industries ranging from pharmaceuticals, ICT, medical devices and financial services.

But not everyone will be able to work in this knowledge economy. And with 455,000 members of the workforce currently unable to secure employment, is it possible that a relatively small number of top-quality jobs can fill the void created by the collapse of a number of traditional industries, even with the inevitable trickle-down effect that such value-added employment engenders?

"While I appreciate the value of the knowledge economy and the various innovation, research and development initiatives that have been undertaken by the state and its development agencies, at the same time I am also fully aware of the fact that we have a working population of 1.8m people," said Aaron O'Brien, managing director of Cpl Resources, part of the CPL Group of recruitment companies. "It's impossible to see how, at any point in future, we could maintain or grow this number in an economy that is based entirely around innovation and research."

This is not, of course, to say that Ireland should roll back on its commitment to creating a higher-value economy – just that it may not be the only game in town. It was recognised some time ago that we simply cannot compete with the lower cost bases in the east, whether that meant Eastern Europe or the China and India. But that was at a time when Irish costs had soared to such a level as to make the country uncompetitive – something that has been mitigated by reduced expectations in terms of remuneration and by collapsing property prices. These differences have also been mitigated by the fact that wage costs in previously "emerging" economies have come up by an average of 15% compound per year, thereby further levelling the playing field further between East and West.

"For most people at the moment, I think hearing about the knowledge economy is a really challenging message," said O'Brien. "Every time you open the business pages, or hear a government spokesperson, all you hear about is the knowledge economy, and while I recognise that there will be a trickle-down effect, the fact is that we're not placing a high enough value on the other areas of the economy that have always supported substantial job creation - export and business services, agribusiness, tourism, manufacturing and teleservices."

Certainly, there was a type of collective panic that gripped the western world as "traditional" industries migrated to lower-cost countries over the past decade – and that, more than anything, has informed the view that our fortunes are inextricably wedded to science, technology and innovation. But the reality for the 455,000 people on the live register is that high-minded aspirations will not put food on the table. People need jobs, and O'Brien, is looking for more immediate action.

"There's far too much talk at the moment about strategy – and the nature of strategy is that it is a three to five year view," he said. "If you are unemployed at the moment you don't have three to five years to wait for an answer. You need training, upskilling and a job. I believe that a lot of the current talk of task forces is missing a crucial ingredient for success. If we are going to use a new task force, then it has to have strong representation from private sector where there is a genuine opportunity to influence the direction of all decisions made around investments and jobs."

And this, he believes will allow the task force to achieve an outcome that delivers value and jobs in the short, medium and long-term.