The You Economy: How Digital Media Is Changing The Online Economy

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The Luddites of the early 19th century resisted and tried to destroy machines that rendered their weaving skills obsolete, even though the machines ushered in new skills and jobs.

Participating in the digital economy | Department of Industry, Innovation and Science

Such disruption occurs precisely because the new technology is so flexible and pervasive. Consequently, many benefits come not simply from adopting the technology, but from adapting to the technology. The advent of electricity generation enabled power to be delivered precisely when and where needed, vastly improving manufacturing efficiency and paving the way for the modern production line. In the same vein, Uber is a taxi company using digital technology to deliver a better service.

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An important component of a disruptive technology is that it must first be widely adopted before society adapts to it. Electricity delivery depended on generators.

The current technological revolution depends on computers, the technical backbone of the Internet, search engines, and digital platforms. Because of the lags involved in adapting to new processes, such as replacing traditional printing with online publishing, it takes time before output growth accelerates.

In the early stages of such revolutions, more and more resources are devoted to innovation and reorganization whose benefits are realized only much later. For example, while James Watt marketed a relatively efficient engine in , it took until for the first commercially successful steam locomotive to appear. But make no mistake—the digital revolution is well under way.


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In addition to transforming jobs and skills, it is also overhauling industries such as retailing and publishing and perhaps—in the not-too-distant future—trucking and banking. In the United Kingdom, Internet transactions already account for almost one-fifth of retail sales, excluding gasoline, up from just one-twentieth in And e-commerce sites are applying their data skills to finance. The Chinese e-commerce giant Alibaba already owns a bank and is using knowledge about its customers to provide small-scale loans to Chinese consumers. Meanwhile, anonymous cryptocurrencies such as Bitcoin are posing challenges to efforts to combat money laundering and other illicit activities.

But what makes these assets appealing also makes them potentially dangerous. Cryptocurrencies can be used to trade in illegal drugs, firearms, hacking tools, and toxic chemicals. On the other hand, the underlying technology behind these currencies blockchain will likely revolutionize finance by making transactions faster and more secure, while better information on potential clients can improve the pricing of loans through better assessment of the likelihood of repayment.

Regulatory frameworks need to ensure financial integrity and protect consumers while still supporting efficiency and innovation. Looking forward, we may see even more disruption from breakthroughs in quantum computing, which would facilitate calculations that are beyond the capabilities of traditional computers. While enabling exciting new products, these computers could undo even some new technologies. For example, they could render current standards in cryptology obsolete, potentially affecting communication and privacy on a global level. And this is just one aspect of threats to cyber security, an issue that is becoming increasingly important, given that almost all essential public services and private information are now online.

The jobs of up to one-third of the US workforce, or about 50 million people, could be transformed by , according to a report published last year by the McKinsey Global Institute. The study also estimates that about half of all paid activities could be automated using existing robotics and artificial and machine learning technologies.

For example, computers are learning not just to drive taxis but also to check for signs of cancer, a task currently performed by relatively well-paid radiologists. While views vary, it is clear that there will be major potential job losses and transformations across all sectors and salary levels, including groups previously considered safe from automation. As the McKinsey study underscores, after a slow start, the pace of transformation continues to accelerate. The ubiquitous smartphone was inconceivable to the average person at the turn of the 21st century.

Now, more than 4 billion people have access to handheld devices that possess more computing power than the US National Aeronautics and Space Administration used to send two people to the moon. And yet these tiny supercomputers are often used only as humble telephones, leaving vast computing resources idle. Digital technology will spread further, and efforts to ignore it or legislate against it will likely fail. But economic disruption and uncertainty can fuel social anxiety about the future, with political consequences.

We know, of course, that humanity eventually adapted to using steam power and electricity, and chances are we will do so again with the digital revolution. The answer lies not in denial but in devising smart policies that maximize the benefits of the new technology while minimizing the inevitable short-term disruptions.

The great transformer: The impact of the Internet on economic growth and prosperity

The key is to focus on policies that respond to the organizational changes driven by the digital revolution. Electrification of US industry in the early 20th century benefited from a flexible educational system that gave people entering the labor force the skills needed to switch from farm work as well as training opportunities for existing workers to develop new skills.


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  8. More generally, future jobs will probably emphasize human empathy and originality: the professionals deemed least likely to become obsolete include nursery school teachers, clergy, and artists. One clear difference between the digital revolution and the steam and electricity revolutions is the speed at which the technology is being diffused across countries.

    Digital economy

    While Germany and the United Kingdom followed the US take-up of electricity relatively quickly, the pace of diffusion across the globe was relatively slow. Brands have seen major shifts on the demand side with increased transparency, customer engagement and overall change in customer behaviors. Businesses are so invested in social media that it has created an industry in and of itself. Businesses and tools that function strictly for social media and social media marketing are becoming more valued and readily available. Social media influencers have also risen to popularity as a completely new form of entertainers and trusted sources of product information.

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    The role of social influencer only became a viable job in the past five to 10 years, but today, they are a vital part of digital brand strategy. Since its boom, social media has driven significant global economic growth by unlocking new opportunities and connecting people, brands and businesses more efficiently. Prior to social media adoption, it was difficult for brands to consistently get their information out to a targeted audience. Social media has created a form of communication housed at our fingertips, where information, ideas and other content can be shared instantly, across the globe.

    This wide availability of information and data represents tremendous opportunities, especially in a professional capacity. Today, social media platforms such as LinkedIn and Glassdoor are one-stop shops for job seekers to find information that was previously unavailable. For example, both platforms help users know their worth by using salary comparison tools — ones that did not exist before social media.

    Current employees are encouraged to share salaries, benefits, positive or negative experiences, etc. Continue Reading. Pages: 1 2.

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