instead than a novel Industrial Revolution, we are finding ourselves in a assorted climate of change. It is a change responding to the different patterns, habits, and needs of the eventual consumer, and the technological advances that permit businessmen to eliminate them quicker and much(prenominal) efficiently. "The agent of change is the individual entrepreneur responding to incentives embodied in the insti
At one time it was said that "nothing happens until someone sells something." The more modern version, as espoused by the guru of modern marketing, Theodore Levitt, has as its mantra: "The original business of business is to remain in business." (Levitt 1) Even that, written in 1962, is not always applicable in the tender economics. For this coming century's high tech, computerized endeavors, perhaps the primary responsibility of business is to find a niche, profit from it, then sell out before the niche evaporates.
Ayres, C.E.
: "Ideological Responsibility" San Francisco: Address to the knowledge for Evolutionary Economics, Dec, 27, 1966
Traditional business enterprises, the expertise needed to complete them, and the opportunity to expand them, as Veblen saw it at the maneuver of the last century are no longer in the same realm. If he were to conduct a survey to update his theories, he could not compare today's Computer Age with both other age in economic history, except as an expansion of man's ability to create and manage new technologies. The customer and consumer bases have changed, as well, of course. There is more demand for speed, humiliate pricing, and higher quality as well as a wider variety of products. The time it used to take to handcraft goods is no longer available or desirable. Time is more capital now than ever before.
Today's internet entrepreneurs are not genuinely "scientists" in the sense that economics is a science. Neal, for example, argues that "economists should spend more time and effort on comparative historical researcha" (Neal 320) The new industrial revolution and its conforming institutions, however, have only one thing in common with historical economics: wholeness produces what is in demand and for whose production a profit is contingent (if not necessary).
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