Nobody downloaded yet

Literature Review on Digital Economy - Essay Example

Comments (1) Cite this document
Summary
The field of IT has always held mass potential for improvement and development in the world, in relation to economic growth as well as the standard of living across the globe. However, due to several internet-related disasters and failures in the recent past, policymakers are hesitant to exploit this potential of Information Technology…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER92.8% of users find it useful
Literature Review on Digital Economy
Read TextPreview

Extract of sample "Literature Review on Digital Economy"

Download file to see previous pages Experts report that during the time of introduction of this tool to the world, policymakers explored the possibility of IT making a large impact, but in vain. This failure of IT became reinforced again in the 1990s, when IT began to revolutionize the world economy but again plunged into disaster with the “dot-bomb” implosion, the 2001 recession, and the NASDAQ collapse. These disasters have led to experts and policymakers forfeit confidence in the concept of IT and digital revolution. Nicholas Carr (2003, pp. 10) evaluated this technological tool by claiming that the improvements that it had the potential to bring about had either already been introduced, or were in the process. This statement represented the prevailing view of IT at that time, as people had started considering it insignificant for individual firms as well as the overall economy. This conclusion was a premature and incorrect one; as the technology went on to completely revolutionize the economy much more than initial prediction.
This literature review aims to analyze the reasons behind this faltering confidence during these times. As one can observe in the world today, digital development in the economy is at a level that far exceeds earlier forecasts. However, contrary to predictions, this revolution has not come about due to a rise in e-commerce and other internet-related phenomenon. Instead, the main factor behind this revolution was the way people have managed to adopt IT in almost every aspect of life, inside as well as outside work. This digitally enabled economy was then able to achieve immense growth and prosperity in every aspect: education, business, trade, as well as monetary policy. One large factor behind this accelerated growth was the investment that firms made in software, hardware, as well as services related to IT and communications. It boosted productivity up to five times more than other capital such as buildings and plants could. The large role of IT in this major economic development is apparent in the fact that sixty-seven percent of total factor productivity growth during the period of 1995 and 2002 was due to IT implementation in the US (Jorgenson et al, 2005). It also boosted the labor productivity in developing nations, and it is considered the main driver behind innovation and productivity growth in the recent years. Despite the major contributions of IT to the economy, not much research has gone into exploring the depths of this contribution. Through this literature review, we attempt to carry out this exploration. More specifically, we will be looking into the contributions of IT in ‘improving the quality of goods and services. A common misconception is that the scope of digital economy is limited to e-commerce. Its actual scope includes all applications of technology in the economy, including that of hardware, applications, and telecommunications. Each of these tools of IT has important applications in areas such as intercompany transactions, data management, internal processes in organizations and vendor-customer relations. These benefits apply to firms regardless of whether they belong to the public sector or the private sector. The revolution to the economy that information technology has brought about is comparable to the revolution that hardened steel brought to the industries a century ago, when it taught them how to construct steel tools that helped boost productivity immensely. Furthermore, it is difficult to grasp the true pervasiveness of IT in the world. It not only exists in technological ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Literature Review on Digital Economy Essay Example | Topics and Well Written Essays - 2250 words”, n.d.)
Retrieved from https://studentshare.org/business/1398110-digital-economy
(Literature Review on Digital Economy Essay Example | Topics and Well Written Essays - 2250 Words)
https://studentshare.org/business/1398110-digital-economy.
“Literature Review on Digital Economy Essay Example | Topics and Well Written Essays - 2250 Words”, n.d. https://studentshare.org/business/1398110-digital-economy.
  • Cited: 1 times
Comments (1)
Click to create a comment or rate a document
th
thielmatilde added comment 1 year ago
Student rated this paper as
I didn’t know how to start my text. "Literature Review on Digital Economy" helped me out a lot! Especially the list of introduction was valuable.

CHECK THESE SAMPLES OF Literature Review on Digital Economy

Digital Economy

...with content that is dynamic and which is generated by users to gather reviews and ideologies which are a part of the system. With these innovations is a sense of dependence on the consumer behaviors and attitudes toward a specific business, as well as innovative ways that are being measured to create a sense of power with the media – audience relationship to both e-commerce businesses and search engines. The innovations which are necessary then become based on finding ways to enhance these relationships and to connect to the dimensions of search engines for higher rankings and better approaches with e-commerce (Scheibel, 2009: 6). The approaches which are being used with businesses to tap into search engines as a part...
14 Pages(3500 words)Essay

Literature review

...Facebook page, Twitter, email, even text messages mode of the station is able to receive thousands of reviews from the viewers concerning news stories that they aired. A company that places an advertisement can be able to device if its marketing strategy was successful enough. A student wishing to learn more information can use social media tools to have information concerning the degree of his/her choice. This means that social media have not only made the customers and users of the traditional media more flexible but also have increased the usage of traditional media. The social media tools have actually complemented the use of the traditional media tools. The use of social media tools, such as instant messaging, has...
5 Pages(1250 words)Assignment

Digital Economy

...and insurance have become easier through electronic clearing system (ECS) and this has induced people to opt for insurance policies and credit. Above all wise decision-making is important to make proper use of EFT and hence optimize the digital economy. Introduction The popularity of Electronic Fund Transfer in the present days has become unimaginable and its importance is clearly undeniable with the fact that the process of fund transfer taking place through online internet media with cheap network and improved cryptography making it faster, quicker and accessible to a large mass thus saving a lot of time and making the process very much transparent. The following literature...
13 Pages(3250 words)Essay

Digital Economy

...?“THE RELIABLITY AND EFFECTIVENESS OF DIGITAL ADVERTISING METHODS AGAINST TRADITIONAL ADVERTISING” CONTENTS Number Topic Pages Introduction 2 Importance of Advertisement in an Economic Activity 2 3 Areas of Digital Advertising 3-5 4 Limitations of traditional advertising versus digital advertising 6-7 5 Cost Factor in Digital Advertising 8-9 6 Importance of Feasibility Study in digital advertising 10 7 A Case Study 11-12 Bibliography 13 Introduction Advertising is persuading audience to speed up profitable activity; it is because if an organization is offering a service or a product then it needs to be known otherwise due to the deficiency of information...
12 Pages(3000 words)Essay

Digital economy

.... The example of digital entertainment like MP3’s, e-books, availability of various soft wares for download and videos for streaming are only some examples of the phenomenal growth of the digital market. When markets come into play, whether they are digital or physical, price automatically becomes a crucial feature. It is important for consumers because they expect to buy at the least price, it is important for producers because they expect to sell at the highest price while maximizing profits and it is very important for the market as a whole in order to keep resource allocation efficient. One area of interest which scholars have long debated over, in relation to the...
12 Pages(3000 words)Essay

Article Review - Get Digital

... ID Lecturer Article Review - Get Digital What are some of the "cautions" about relying too heavilyon building "digital buzz?" The cautions that need to be taken care of require consistent reliance on the digital buzz and forgetting the traditional manner of reaching out to the audiences. This can have severe effects on the advertising that is being done, and the cautions significantly point out this aspect. The building of digital buzz would mean that the consumers would have to rely too heavily on the product yet if this product does not deliver, then there is little reason that this buzz can have any positive effects in the long run (Freedman, 2006). 2. How does what this author suggests is REALLY important... also agree with it because...
1 Pages(250 words)Article

Digital Economy - Literature Review

...Digital economy Insert of and Zynga Inc. background Zynga Inc. is among the world’s leading providers of online games in the United States and the rest of the world entertaining a large number of online social games lovers. The company was founded in 2007 and has her headquarters in San Francisco, California. Being originally known as Zynga Game Network Inc., the company changed her name in November, 2010 to Zynga Inc. Zynga specializes in simulating virtual games as live services on the internet, social networking sites such as Facebook, and on mobile platforms. Today, Zynga provides a wide variety of games under the names; The Firm Ville, City Ville, Firm Ville 2, Chef Ville, castle Ville, Zynga Poker,...
12 Pages(3000 words)Essay

Understanding the new digital economy

...and processes. Literature Review This section will involve a critical review of secondary sources and other documents to lay the theoretical and definitive framework. To this end, the literature review will evaluate fundamental definitions and ideas that form the basic framework and discussions in this topic. Also, the literature review will integrate important elements and aspects of theories and concepts that are important in providing the parameters within which discussions and analysis can be done. New Digital Economy The new digital economy is an...
18 Pages(4500 words)Essay

Understanding the New Digital Economy

...Understanding the New Digital Economy Table of Contents Introduction 3 Section 4 Literature Review 4 Section 2: Aspects based on the Provided Arguments 8 Transformation within the Business Process Due To the Impact of Digital Economy 8 Section 3: Negative Aspects of Digital Economy Concept 11 Negative Impact on the Financial and Manufacturing Sectors 11 Section 4: Future Aspects of Digital Economy 14 Potential Impact of Digital Economy on Various Socio-Economic Domains 14 Conclusion 17 18 References 19 Introduction Over the past few years, digital technology has completely reshaped the face of the economy of every single nation mapped on the globe. The growing impact of digitalisation over the traditional sectors have led... of acting as...
18 Pages(4500 words)Essay

Digital Economy as an Innovative Configuration of the Economy

...Literature Review on Digital EconomyDigital economy is a latest as well as innovative configuration of the economy. It is the result of the digital revolution penetrating all over the society and economy. This economy fuelled by the “constant innovation of digital technology and escort with society knowledge, digital technology innovation hence ended with the development of the new economy” (Arthur, 2011, p. 92). As a result, one can afford the authentic stuff of the digital economy....
13 Pages(3250 words)Literature review
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Literature Review on Digital Economy for FREE!

Contact Us