Applying the economic theories in the Market’s Reader to the New Economy :: Economics

Applying the economic theories in the Markets Reader to the New providenceIn this stop of the question, I will describe the old and new rescue,after that I will point out the master(prenominal) characters of New Economy andwhat is different mingled with NEW and Old Economy. later than, I willdiscuss the demand of knowledge, ideas, innovation, and individualisticcreative destruction, change in market and agonistic as the mainresource needed to make economic prosperity. I will discuss Innovationreduce costs and improve product character reference and how advances technology secure the cost reduction and reserve the economic scale in goodlevel. Finally I will apply the Economic theories in market reader.From slightly 1938 to 1974, the economy was built on a manufacturingbase geared in the direction of standardized production (It was manuallabor). It was organized into stable, class-conscious and generally cavalier organizations. These organizations achieved a competitiveedge in the market by making standardized products faster and moreeconomically. They focused on incremental cost reductions and anational marketplace. In addition, that how this organization successand achieved there ogles in closely courtiers, for example textile andsteel industry.That kind of economic bulge to collapse during the mid-70s and the beforehand(predicate) 90s. The crisis included both textiles and steel industry, in aperiod of changeover from the old economic to the new economic ,a lotof countries outlet their competitive draw because others were changingthe production process more faster and cheaper. The cheap labor whichhad brought industries to the South Asia was being very cheap. At thesame time, the genial demand for the individual has change, workersbecome looking for a higher standard of living, new cars, washingmachines, clothes and bigger houses, which effect the economy.On the other hand, the new economy is procession as a demand of knowledgeand idea-based e conomy. The new economy, which was making success andprosperity used the new technology to produces high quality, menial priceproduction, overly the new ideas and innovation that apply to allsectors of the economy which enhance the whole economy. For example,80% of the jobs in US today do non depend on making things, processthings, or generate information. In 50s, 60% of the firms in US coulduse unskilled labor now a day completely around 15 per sent of jobs can useunskilled labor.Robert M. Howe author said technology is in the hands of society atlarge. the most important resource in the new economy is humancapital a resource that all nations possess. Development ofproductive talent and its measurement is champion of the challenges thatApplying the economic theories in the Markets Reader to the New Economy EconomicsApplying the economic theories in the Markets Reader to the New EconomyIn this part of the question, I will describe the old and new Economy,after that I will p oint out the main characters of New Economy andwhat is different between NEW and Old Economy. later than, I willdiscuss the demand of knowledge, ideas, innovation, and individualcreative destruction, change in market and competitive as the mainresource needed to make economic prosperity. I will discuss Innovationreduce costs and improve product quality and how advances technologyachieve the cost reduction and reserve the economic scale in goodlevel. Finally I will apply the Economic theories in market reader.From around 1938 to 1974, the economy was built on a manufacturingbase geared in the direction of standardized production (It was manuallabor). It was organized into stable, hierarchical and generallyhigh-handed organizations. These organizations achieved a competitiveedge in the market by making standardized products faster and moreeconomically. They focused on incremental cost reductions and anational marketplace. In addition, that how this organization successand achieved the re ogles in most courtiers, for example textile andsteel industry.That kind of economic start to collapse during the mid-70s and theearly 90s. The crisis included both textiles and steel industry, in aperiod of changeover from the old economic to the new economic ,a lotof countries loss their competitive frame because others were changingthe production process more faster and cheaper. The cheap labor whichhad brought industries to the South Asia was being very cheap. At thesame time, the social demand for the individual has change, workersbecome looking for a higher standard of living, new cars, washingmachines, clothes and bigger houses, which effect the economy.On the other hand, the new economy is rising as a demand of knowledgeand idea-based economy. The new economy, which was making success andprosperity used the new technology to produces high quality, low priceproduction, also the new ideas and innovation that apply to allsectors of the economy which enhance the whole economy . For example,80% of the jobs in US today do not depend on making things, processthings, or generate information. In 50s, 60% of the firms in US coulduse unskilled labor now a day only around 15 per sent of jobs can useunskilled labor.Robert M. Howe author said technology is in the hands of society atlarge. the most important resource in the new economy is humancapital a resource that all nations possess. Development ofproductive capacity and its measurement is one of the challenges that