Authors: Dennis Tsichritzis
Tags: 2001, conceptual modeling
It is increasingly becoming clear that there is no separate new Economy. The new Economy is an integral part of the old Economy. It does not operate with completely new rules. On the other hand, it is also widely accepted that there is another type of Economy which is taking shape. The same happened in Art at the beginning of the 20th century. The so called “Art nouveau” was a style of Art in objects and Architecture. Art Nouveau had clear characteristics that set it apart from other styles of Art. It is, therefore, pertinent to look for the new characteristics of the new Economy. In what way is the Economy of today different enough to warrant a new name? A first characteristic of the new Economy is globalization. Capital is globally accessible and markets are global. As a result, goods and services are produced, traded and consumed in a global way. Whether one is a proponent or an opponent of globalization is irrelevant; the trend is clear. The new Economy is different in terms of its scope, i.e., it is global. A second characteristic of the new Economy is the importance of immaterial products. As the world market for material goods matures, there is an increasingly important part of the Economy which is based on services and media content. As a result, quality of service and Intellectual Property Rights are becoming essential factors. In addition, there is no apparent limit on launching new services and creating new content. Human creativity is scarce, it is but renewable unlike other resources of our planet. A third characteristic of the new Economy is the speed of development. New products achieve extraordinary sales volumes in almost no time. An existing product can go out of style or be substituted quickly. The same can be said for companies and whole industry sectors. The ups and downs are not only cyclic but they depend very much on the mood of the consumer. New products are important not only for better functionality, but also to retain the interest and the excitement of consumers and the financial markets.Read the full paper here: https://link.springer.com/chapter/10.1007/3-540-45581-7_3
