Understanding the new digital economy Essay Example | Topics and Well Written Essays - 4500 words

taste the new digital parsimoniousness - Essay ExampleOne of the biggest influences of the modifying terrain of transacting business is the social media which provides an unconscious ashes and medium through which many volume converge, interact and exchange information (Ghosh, 2012). The hypothesis put prior for this authorship is that the social media has had a major impact on users and this has transformed the cultural and economic practices and squeeze on the fashion industry with an emphasis on blogging and social media marketing.The aim of this paper is to identify the policy-making economic perspectives in todays world and the impact of the social media on users as fountainhead as cultural and economic practices in the world. The following pointers impart form the core highlights of the studyThis paper fundamentally aims at identifying the main influence and impact of the social media on the way in which individuals and groups of people perceive cultural and social mat ters and systems. To this end, the paper will critique various secondary sources in recount to draw conclusions and inferences on the impact of social media on current trends and processes.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 commix important elements and aspects of theories and concepts that are important in providing the parameters within which discussions and analysis can be done.The new digital economy is an economy based on digital technologies (Tapscott, 2012). This implies that the new digital economy is steeped in the position that it is a system that enables people to transact various forms of business activities over digital systems and processes.The world economy is now characterised by sluggish grow th in