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Idea economy
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Idea Economy means an economy that is being driven by new ideas used to create wealth. Origins The concept that ideas were becoming a currency by themselves, in contrast with economies which dealt with products and services has been put forth by several commentators , . As the value attributed to innovation in the socio-technical environment increases, ideas also become valuable as precursors to innovation that eventually get realized as goods and services. Technological and Social Aspects The Idea Economy is most easily visualized in its technological form, which deal with ideas in technological realms such as Internet, web- and mobile apps. The increasing penetration of the Internet and mobile phones has resulted in a multi-billion-customer global market, and the wealth-generation potential for such technological ideas is clear. An equally important side of the idea economy is within the social sector, where related concepts such as 'frugal engineering', 'polycentric innovation' and 'jugaad' highlight the possibilities of ideas in addressing issues ranging from poverty alleviation to climate change. See Also
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