Due to COVID-19, the world whole system of economy is going to shift from a knowledge economy to the wisdom economy. In a similar way, manufacturing will also get from knowledge-based production and manufacturing to wisdom based production. How to start wisdom based manufacturing economy? Who can initiate easily wisdom based production and manufacturing in the world?
Friends let us discuss on the aspects of the wisdom-based economy.
The concept of wisdom always includes a large range of subjectivity and individualism. The economy of wisdom is the economy primarily of wise value judgments, the implementation of ideal models for the effective functioning of economic entities and the economy of prosperity. The purpose of thorough examination of these issues is to clarify the substantive scope of the concept of wisdom economics. Therefore, relationships and relationships between such concepts as sustainable economic development, welfare economics, circular economy, green economy, corporate social responsibility, business ethics, socio-economic policy in the social market economy, etc., and the concept of wisdom economy should be established.
Greetings,
Dariusz Prokopowicz
KNOWLEDGE-BASED ECONOMY: To intelligently used the available knowledge base to solve problems, look for solution and minimize risk. We are not even halfway through with knowledge-based economy. How we unsuccessfully cope with COVID-19 shows how inadequately prepared we are without the claims of artificial intelligence, big data, etc. the failure to produce vaccine is a good evidence of the world's failure to effectively implement knowledge-based economy.
WISDOM-BASED ECONOMY: Leave that for the future. Let's cope with our failure of the presence (knowledge-based economy). We do not leave the messy presence and try to create something new for the future.
Hi
Please check the following link. I believe it will help you.
https://www.tandfonline.com/doi/abs/10.1080/0951192X.2014.972462
Regards
Wisdom based economy considers the defects of all economic paradigm of the past, they are - scarcity, material economics, welfare economics, knowledge economics. As we learned many things from all regimes of the economy, finally we have arrived at the stage of chaos economy. In these chaotic situations, the wisdom economy may be an effective solution to explore alternatives for the sustainability of human society.
How can the wise human will shape it is a serious question? Can we think a bit more about the wisdom economy in the world?
The Wisdom-based Economy is driven by not only knowing how to use the knowledge we have access to, but understanding the subtle and powerful relationships among the various elements that come together to make wise and sustainable decisions in a global marketplace.
Thanks, Md. S. Hussain. I understand and appreciate your point. May I expect more write say 150-250, because I am not only debating here, but like to use in research. I would no doubt make a citation of your quote or scholarly ideas. Thanks again.
Is Wisdom-based the same as knowledge-based? If it is then the idea has been around when adding more labor and capital will not get more output compared to productivity from technology using robot and automation.
Knowledge-Based and Wisdom Based economy is completely different. Human under knowledge-based economy become demon(s) - never satiated, power hunger. The is 2020 can be considered as the end of the knowledge age. The proud for knowledge and ever hunger to acquire anything in the world will not be allowed by the wisdom inside of human being. Problems will be not only serious for hunger in the world, but the majority of them will also get devastated by the ego. But, the time has come to use wisdom. Through its late anyhow. Chung Tin, you please read about wisdom, how hungry some countries are now by extreme blindfold adoption of knowledge economy character, going to become economic dome in future? This, not an economic-political strategy or forecasting, this is a natural and universal phenomenon of destruction of doing sin in the disguise of business, research, policy and through the sciences & technologies use without wisdom. Aim to quick development through manufacturing economy does not carry any wisdom meant for consumer well being. A few knowledge-led countries did everything in the name of manufacturing; everything was only meant to cheat as consumers reported.
Ensuring consumer well being by the supply is the rationality and wisdom. But it did not happen, There are witnesses in eCommerce business portal i.e. CLUB FACTORY, where produces are projected with low price quotes and once goes for an order just with payment the prices go immediately change to higher than a legitimate one. No consumer in the knowledge-based economy before COVID-19 thought and ignored this behaviour of producers and sellers. They are a few irrational customers sells the product under the knowledge-based economy- with the manipulate knowledge. They could never look at consumer welfare for long term business.