5 Conclusion

The idea of the double whammy brings together the two driving forces behind changes in industrial structure, with which this unit opened and now closes. The use of a new technology causes a decline in the costs of production, which in turn encourages a rapid take-up by consumers of products embodying the new technology. This unit has explored the factors affecting consumer demand. While the price of the product was found to be of crucial importance, socio-economic influences such as culture a
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4.3 Industrial dynamics: knowledge and network industries

This final subsection introduces two more concepts that develop further our analysis of the dynamics of industrial structure, with particular reference to the ‘new economy’ industries. A dynamic approach to industrial change places considerable emphasis on innovation and learning, seeing firms as actively searching out innovative products and processes and learning how to produce and sell them. Some of the novelty of the new economy is reflected in the concepts used in trying to unde
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1 Technological change, demand and costs

The new economy

Over the past 40 years global computing power has increased a billionfold. Number-crunching tasks that once took a week can now be done in seconds. Today a Ford Taurus car contains more computing power than the multimillion-dollar mainframe computers used in the Apollo space programme. Cheaper processing allows computers to be used for more and more purposes. In 1985, it cost Ford
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7.1 Payments received
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