Consumption Economics vs Knowledge Economics

We have read that China has moved towards a consumption economy.

The biggest contributor to the GDP of China is household and government consumption.

There is another aspect of Economics called production economy in which emphasis is given to increasing the efficiency of the production of goods.

In this blog post, I argue that the world should move towards a knowledge economy.

The knowledge economy would be an economy driven by ideas.

It is stated by many learned philosophers that knowledge is power.

A new generation of influencers who spread knowledge is required.

This is already happening through social media platforms like YouTube but more such platforms are needed.

There should be a free flow of information and even refined information so that every person becomes well-informed leading to an enlightened society.

Money is only incidental to such entrepreneurial ventures and there is nothing wrong if one accumulates wealth through this process.