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  3. When Economics Means Business: The New Economics of the Information Age

When Economics Means Business: The New Economics of the Information Age, 1st edition

  • Sultan Kermally

Published by FT Press (December 9th 1998) - Copyright © 1999

1st edition

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Overview

'Economics needs a basic rethink if it is to provide guidance in these extraordinary times. Sultan Kermally takes a big step down the path toward reviving economics for the start of the next millennium.'

Tom Peters

The core of traditional management thinking is based on the foundations of traditional economic thinking.

As economies shift from the industrial age to the information age, the rules of economic engagement are undergoing radical change. This information age is characterised by globalisation, rapid technological change, and the importance of knowledge in gaining and sustaining competitive advantage.

Table of contents

Acknowledgements.
Introduction.

I. ECONOMICS AT THE CROSSROADS: GET READY TO RIP UP YOUR ECONOMICS TEXTBOOK!

The changing nature of the business profile.
Economic concepts and models—questioning four tenets of economics.
Modern business initiatives and their impact on the key economic concepts and models.

II. DEMAND AND SUPPLY: LET'S GET REAL.

Demand.
Price elasticity of demand—let's not throw the baby out with the bath water.
The law of supply.
Integration of supply and demand.
Determination of prices.

III. COMPETITON AND MARKETS: FROM STRATEGY TO ACTION.

Types of competition.
Sources and nature of competition.
Managing competition in the private sector—the games competitors play.
The market economy—a model of perfection!
From marketplace to marketspace.
Market failures.

IV. STRATEGIC ALLIANCES AND PARTNERSHIPS: TILL DEATH US DO PART!

Configuring competition—market power versus market size.
Strategic alliances and increasing returns.
Diseconomies of mergers, acquisitions and strategic alliances.
Divestures.
Control of mergers and acquisitions—creation of surrogate 'free' markets!

V. BUSINESS ORGANIZATION: MAKING IT FOCUSED, FAST AND FLEXIBLE.

The theory of the firm.
The theory of the firm—a modern perspective.
The new approach to economics.

VI. NEW PERSPECTIVES ON THE FACTORS OF PRODUCITON I: COMPETENCE AND CUSTOMERS.

Who creates value in economic production?
Core competence as a factor of production.
Customers as a factor of production.

VII. NEW PERSPECTIVES ON THE FACTORS OF PRODUCTION II: KNOWLEDGE.

Knowledge and increasing returns.
How to manage knowledge in business.
The Japanese perspective on knowledge.
Knowledge and transformations of a national economy—India's software industry.
The learning organization.
From comparative advantage to competitive advantage.
Back to globalization.
Conclusion—let's bite the bullet.
Suggested reading for knowledge workers.
Index.

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