Muhammad Saleem

Entrepreneurs and teaching faculty have stressed the need for investing in brains, not just buildings, to achieve development goals. They note that the knowledge economy is transforming how they work, earn, and live. Faster learning and smarter thinking approaches are crucial for future success. Dr Abuld Qadir Mushtaq, a faculty member at the Government College University Faisalabad, talking to WealthPK said that traditional economies are fast being taken over by knowledge economy.

He said that methods of working and patterns of wealth creation are changing due to rapid technological advancements. He said that traditional economies heavily relied on physical labour and natural resources, but on the contrary, the knowledge economy is being supported by information, innovation, and expertise. In the given circumstances, he said that skills, education, and creativity have become more valuable than manual labour. “In the future, technology, research, and services will attract more jobs demanding a more educated and digitally literate workforce.”

“Nations equipped with modern knowledge and innovation will thrive in the future as technological advancements and skilled labour are imperative for growth and prosperity,” Mushtaq said, adding that only cutting-edge information and modern tools will create a difference among nations. Junaid Ahmed, a textile exporter, told WealthPK that the nations that have successfully embraced technological advancements now hold top positions on the list of the world’s richest countries.

“On the other hand, the countries that have relied solely on oil, gas, or traditional factories are losing their positions in the global market,” he added. He said that it has been scientifically proven that the knowledge economy is an effective system based on information, skills, and innovation. “Only technically educated and creative people with a strong command of digital tools will thrive in the future. The knowledge economy rewards ideas more than physical assets,” he said.

To support his point, Ahmed explained that countries like Finland, South Korea, and Singapore have become economically strong by focusing on modern education, science, and research. “These countries lack oil or other natural resources, yet their economies are thriving,” he added.  He said even highly qualified people, who are applying for jobs in various industries, lack practical skills and innovative thinking. “While the rest of the world is moving away from outdated curricula, we remain stuck in the same old cycle.

This situation persists because we have failed to promote a research culture in our educational institutions,” Ahmed said.  Mushtaq, the faculty member at Government College University Faisalabad, said thanks to technology jobs are no longer limited by location. “By developing modern skills among young people, we can eliminate the menace of unemployment.”

He noted that technology is rapidly replacing traditional jobs like clerks, typists, machine operators and many others. “Now it’s the era of prompt engineers, artificial intelligence experts, automation engineers, app developers, cybersecurity experts, content creators, data analysts, business intelligence professionals and AI trainers,” he added.

Credit: INP-WealthPk