KARACHI: As Seth Goldin stated in an article on US economic history that the 1800’s were about who could build the biggest and most efficient farming methods. 1900’s were about the race to build the most efficient factories and now the 2000’s are all about ideas and innovation. The Neoclassic and Keynesian economic theories which drove economic growth over the last 200 years are now outdated. What is now emerging is a global “innovation economy”, proven by China and India, that adding value via innovation can disproportionally drive prosperity and economic growth.
Having missed the boat on creating efficient farming models or factories to drive our economy, this knowledge based innovative economy gives us an opportunity to catch the ranks of developed nations rather than ending up as bystanders watching others nations gaining speed and improving their standard of living.
To read the full, original article click on this link: Is the new global ‘innovation economy’ our saviour? – The Express Tribune
