Dr. Arup Barman (Professor), Assam University, Silchar-788011 (India)
Paradigms of Wisdom Economy for Manufacturing in PostPandemic World
We are now at the beginning of the fourth industrial revolution. We could see the impacts of third industrial revolution started in 1950, which gradually boosted up to the information and research based knowledge economy. We know, the knowledge economy was steered by research-driven companies that followed the science to make innovations and gain productivity from R&D (Švarc, J., & Dabić, M. 2015). We could observe how manufacturing under the knowledge economy attempted eaten up the earth. The bust of COVID-19 as the pandemic had changed social, technical, managerial, geopolitical aspects of earth finally impacted on the industrial manufacturing to serach the new principles and guidance. The pandemic econonmy of the world force the human being to search alternatives, consequently realizing to say “now is the right time to say by-by knowledge economy”. We must explore the wisdom economy and its implications on the world of manufacturing. Wisdom economy as the emerging economy based on the conscious and collective notions of human being, the truism of it has obvious possibilities of changing established paradigms of the knowledge economy. In this piece of writing the author highlighted the foundation, history and evolution of manufacturing management approaches. Focused on the present situation, realizing the need for intervention through the principles of wisdom economy in manufacturing management. Thus, the author churns out the wisdom economy paradigms to guide the manufacturing of the post pandemic economy.