The New Economy

Title: The New Economy
Category: /Business & Economy
Details: Words: 1262 | Pages: 5 (approximately 235 words/page)
The New Economy
--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 …showed first 75 words of 1262 total…
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…showed last 75 words of 1262 total…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.

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