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But yes your right atm production is better than wealth.
I focus primarily on commerce and research techs when playing them, and I use wealth rather than raw manufacturing power to purchase a great many of my planetary upgrades, and I plug all my ideology bonuses into starbase construction bonuses with overlapping layers of economic bases to help boost my planets.
It's a long-term strategy which works very well.
My experience as well, I even started a thread about how bad money is as a resource. Manufacturing is king really. They need to either increase how they generate money so that wealth oriented factions are actually competitive, or they need to reduce rush costs.