the wealth of choices: living in the new economy by alan murray published: 2000
TRANSCRIPT
THE WEALTH OF CHOICES: LIVING IN THE NEW ECONOMYBY ALAN MURRAY
PUBLISHED: 2000
SUMMARY
• The Wealth of Choices by Alan Murray compares and contrasts the world of economics before and during the information age
• Alan Murray touches upon multiple points including:
• Economic decision making before and after the internet
• Purchasing power brought on by the technological age
• Numerous real world examples of economical change
OUR ECONOMY BEFORE THE INTERNET
• Fewer choices
• Less complexity and confusion
• Seller’s market, not buyer’s
• Consistent prices
THE NEW ECONOMY
• Huge increase in choices
• Market has transitioned from a seller’s market to a buyer’s
• Purchasing power plays a vital role in the New Economy
• Internet leads to knowledge, knowledge leads to bargaining power
THE STORY OF NORM
• Norm needed a new tennis racket
• In the old economy, Norm would have walked to the store near his workplace and purchased the racket as advertised
• In the New Economy, Norm was able to browse the internet and find the same racket for a more reasonable price
• Norm took this new found information to the store and used it to bargain for a cheaper price
CLASS RELEVANCE
• The Wealth of Choices would fall under the “Good” category in our class: The Good, the Bad, and the Ugly.
• The book describes the mostly positive aspects about how the introduction of technology, specifically the internet, has changed our economy for the better
• It also touches upon the numerous improvements to goods and services that the information age has brought about
RECOMMENDATION
• I would definitely recommend The Wealth of Choices to a friend
• I think that the information gained from reading it is invaluable, and that Alan Murray’s perspective as an economic journalist is one of wisdom and great insight and therefore should be taken seriously
• I think that everybody needs to have a good understanding on the economy we live in and how it is affected by numerous factors including technology
• Overall, The Wealth of Choices was an excellent read!