Innovation Economy

Economic outputs are produced through five different means: i. natural resource, ii. physical labor, iii. capital, iv. knowledge, and iv. ideas. The idea economy deals with the production of ideas and trading them as part of the product as well as process features for producing profitable revenue. Ideas are used for increasing the willingness to pay. They are also used for reducing the cost of material, energy, and also labor. Production of economic outputs out of ideas is highly scalable, and also sustainable. However, the challenge is extremely high.