There is an industrial revolution. There is an internet revolution called knowledge revolution. Some business men are talking of ecological revolution. The economy that that brings about this revolution and also the result of this revolution is termed as eco-economy.
The new economy will be much more like an econosystem than the old.
The industrial eonomy provided to the people an abundance of manufactured goods. It extracted fossil fuels for energy both coal and petroleum and raw materials to provide variety of goods. The new economic system will also bring a revolutionary change. The new core resource for this revolution is the knowledge. It does not use more material resources but will use knowledge resources.
The knowledge resource will make the present products smarter and also will produce smarter products. Making a product smarter in the eco-economy is explained as making existing products that use lesser resources to manufacture as well as to operate. Smarter products provide the currently used services in a whole new way and save material resources. The two ways of using knowledge are termed as eco-efficieny and eco-effiectiveness. Eco-efficiency is making existing products smarter. Eco-effectiveness is creating totally new products that are environmental friendly.
Every company has to change itself to participate in eco-economy. There is a scope for some race ahead and derive more benefit from this change in economy.
It keeps happening all the times. The existing company may be slow in joining the ecological innovation due to fear that these innovations cannibalize their existing products. But then new ventures come up and take the leadership.
Referece
Dr. William K. Shireman, The Eco-Economy: Enhancing Productivity and Environmental Performance,
in Greening Supply Chiain, APO, 2001
Original knol - http://knol.google.com/k/narayana-rao/eco-economy/ 2utb2lsm2k7a/ 1973
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