New Growth Theory the Endogenous Term Paper

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It is predicted that dot coms would increase their sales by 21.2% in a year if they were not to increase their employees. Furthermore revenue per employee would increase by 24.47%, gross income by 27.22%, and gross income per employee by 28.4%. The areas in which learning takes place then include selling, fulfilling customer requirements, and providing customer satisfaction to an increasing degree of excellence. This is done without increasing resources in terms of employees or capital.

In terms of structure and improvement, there are a variety of interacting layers in the digital media offered by Internet technology. Consulting, training and integration services are part of layer two, which interacts with IP-based networks and applications, that form layer 1. These layers interact with digital dot coms at layers 3 and 4, enabling them to provide media-rich content with continuous improvement as layers 1 and 2 continuously improve their products and services. In this way an entire network of learning and improvement relates to subordinate networks of dot coms in order to bring the best possible product to the consumer. Thus these networks become part of an endogenous system, as a rise in resources are not as related to economic growth as an increase of learning experience. A further manifestation of the learning experiences is alliances formed between content providers and electronic retailers to provide customers with bundled offerings that include a variety of products that are of value to consumers.

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The success of certain dot coms could thus be attributed to wise business decisions and alliances, as well as the use of technology in an experimental way in order to retain what works best and discard what does not work. The key appears to be in the integration of level 1 and 2 technologies in order to create the best products available. This accounts for the wide variety of products and services offered by dot com giants such as Google, Yahoo and America Online.

The integrated technology used by dot coms and others have been dubbed "General Purpose Technology" or GPT. This is global technology with a wide variety of applications that can be used by households, industrial communication and online stores. The use and manipulation of this widely applicable technology is then what makes dot coms potentially successful.

The failure of certain dot coms could then be said to be due to a lack of innovation and learning. The reason for this could be a tendency towards the exogenous paradigm, which is not suitable for the new technology. Indeed, the most successful dot com giants focus absolutely not only on integration with the various layers of Internet technology, but also endogenous elements such as integrating the newest innovations of communication as soon as possible. Rapid customer service is of the utmost importance in modern technology, and is second only….....

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