In the popular press, the business press, cyberspace, the boardroom, even at the water cooler, people throw the phrase New Economy about with abandon. Even we, you might notice, do it here.
What does it mean? What do we mean when we use the term?
The truth is, nobody’s figured it all out yet. The definition constantly moves and changes. It feels as daunting as trying to stop a tornado in order to identify the individual components in its funnel. While that tornado swirls around us, however, we glimpse some fundamental elements within. Here is what we see.
The New Economy is a revolution focused on people. Brainpower drives the insurgence. Never before has the potential for ideas, innovation, human performance, and learning been so great. The world of ideas and information now supercedes physical assets—increasingly, intangibles (people, ideas and knowledge) are more valuable than physical products. This brainpower thrives through connections—networks linking all to all, animate and inanimate. Geography disappears and connections feed and encourage rapid and constant changes that mark the new order. Organizations and people within them are in continuous motion. They can instantly adapt and immediately react. Learning plays a central role. It becomes, simultaneously, driver and tool of change, innovator, and core process for the New Economy.
In this world, we are all constantly writing and revising all the rules. Just where it’s all going, nobody knows. Stay tuned.
Still trying to understand this New Economy? Check out these sites.
Wired Magazine publishes a comprehensive encyclopedia of terms and ideas on the New Economy at http://hotwired.lycos.com/special/ene/
Business 2.0 describes the 10 driving principles behind the New Economy at http://www.business2.com/content/research/principles.html
The Cluetrain Manifesto includes a call to arms and guiding principles for navigating the new order at http://www.cluetrain.com