The New Economy
Title: The New Economy
Category: /Business & Economy
Details: Words: 1262 | Pages: 5 (approximately 235 words/page)
The New Economy
Category: /Business & Economy
Details: Words: 1262 | Pages: 5 (approximately 235 words/page)
--The economic changes new technology has set in motion are more interesting
and important than the technology per se.
--The technology makes possible new forms of employment, new approaches
to compensation, and new ways of launching enterprises--what is
often referred to as a Silicon Valley System
--Note that this "Silicon Valley System" spreads across the country
and the world, with nodes in Boston, Austin, Helsinki,
Singapore, and elsewhere.
--Leading-edge users and their innovative applications have
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Producers
lowered their costs by concentrating on what they did best, and contracting
to buy the rest from those with a firm-specific advantage in productivity or
a nation-specific factor cost-based comparative advantage.
--The production dilemma has been solved via a finer division of labor--contract
manufacturing and cross-national production systems.
--Firms can outsource only because of better communications. In previous
generations much tacit knowledge gained only through long
experience was essential to creating the value chain.