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Papers > Technology > New Digital Economy
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New Digital Economy |
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... economy and indeed the entire world economy has undergone a profound structural transformation in the last decade and half. ... We have in deeded witnessed an emergence of a New Economy. This paper discusses this New Economy. Various definitions of the New Economy were made. The paper focuses more in details on the role of Information Technology in the New Economy with special emphasis on the Internet and its impact on the New Economy. Introduction There has been many definitions given by several schools of thoughts on the full meaning of the New Economy. When we talk about New Economy, the first thing that comes to mind is the digital or Internet economy. However in the real sense of it when we talk about the new economy, were talking about a world in which people work with their brains instead of their hands. ... The New Economy is a world in which innovation is more important than mass production where investment buys new concepts or the means to create them, rather than new machines. This New Economy is a knowledge- and idea-based economy where the key to higher standards of living and job creation is the extent to which innovative ideas and technologies are embedded in services, products, and manufacturing processes (Runkle 2000). It is an economy where risk, uncertainty, and constant change are the rule, rather than the exception. It is an economy where hierarchical organizations are being replaced by networked learning organizations. But most importantly, according to (Cohan 2000), the New Economy is a progressive force for increased productivity and higher incomes, more knowledge-based jobs, greater dignity and autonomy for working citizens, and an expanded number of stakeholders, and greater access to information by citizens. The role of the Internet in the New Digital Economy In the old economy, virtually all economic transactions involved the transfer of physical goods and paper records, or the interaction of people in person or by phone. In the emerging digital economy, a significant share of both business and government transactions are being conducted through digital electronic means. ... Internet economy was worth $830 billion by 2000 and Worldwide, Internet hosts increased by 19 million in 2001, from 98 million to 117 million (Eaton, 2000). ... The Internet is the foundation of this New Economy and the key to understanding it. |
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Title: New Digital Economy
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