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Discuss the extent to which the economic theories in the Market’s Reader can be applied to the “New Economy”.
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Q1-Discuss the extent to which the economic theories in the Market's Reader can be applied to the "New Economy". In this part of the question, I will describe the old and new Economy, after that I will point out the main characters of New Economy and what is different between NEW and Old Economy. later than, I will discuss the demand of knowledge, ideas, innovation, and individual creative destruction, change in market and competitive as the main resource needed to make economic prosperity. I will discuss Innovation reduce costs and improve product quality and how advances technology achieve the cost reduction and reserve the economic scale in good level. Finally I will apply the Economic theories in market reader. From around 1938 to 1974, the economy was built on a manufacturing base geared in the direction of standardized production (It was manual labor). It was organized into stable, hierarchical...
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