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Will a New Economy Lead to New Attitudes?

09 Jun 2017Economics Essays

Introduction

The emergence of the new economy in has led to a shift from old production economy to a new economy that is based on acquisition of necessary skills and knowledge. This has resulted in change of attitude among all players of the new economy. Major focus has shifted from provision of un-skilled labor to provision of skilled labor based on scientific and technological knowledge.

Positive change in attitude

These positive changes are in line with the demands and concerns of the new economy. The new economy has brought about a change in the organizational models which has put more emphasis on teamwork. The decision making in the firms in the new economy is not vested on one person rather than in multilevel and consultative approach (Shalla, 2009).

People will embrace information technology as the driver of the development. New economy requires high levels of education. This is as a result of emergence of skilled jobs and a certain level of education. This will lead to people embracing education as the demand for knowledgeable workers continues to rise. To meet a good transition between schools and work, learning institutions will shift their focus to the demands of labor markets and structure their programs to suit these requirements (A Fact Sheet, 2000). The importance given to education will surpass the overall cost in the technology oriented companies.

Industries will adopt a global approach to market and competition rather than regional competition. In order to keep up with the new developments in the economy, companies will embrace a continuous training of staff. The acquisition of relevant skills will become an important consideration of those intending to join the labor market. Economies will adopt new strategies in order to attract foreign investments. Such strategies include provision of steady and reliable flow of information in addition to provision of an efficient transport system.

Reference

  • A Fact Sheet. (2000). What Is The New Economy? Retrieved on 6th May 2010
  • Shalla, V. (2009). Marjorie L. DeVault, Ed., People at Work: Life, Power, and Social Inclusion in the New Economy. Canadian Journal of Sociology, Vol.34, pp.1-23

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