New Economies

New Economies

Digital Economy
Less need for physical things and more alternate instant solutions.
Digital economy refers to an economy that is based on digital computing technologies, although we increasingly perceive this as conducting business through markets based on the internet and the World Wide Web. The digital economy is also referred to as the Internet Economy, New Economy, or Web Economy.

Sharing Economy
Less need for ownership and more focus on access.
The capitalist sharing economy is a way of purchasing goods and services that differs from the traditional business model of corporations hiring employees to produce products to sell to consumers.

Circular Economy
Less disposal and more reusing.
An economic system aimed at eliminating waste and the continual use of resources based on the principles of designing out waste and pollution, keeping products and materials in use, and regenerating natural systems.

Platform Economy
Less large companies and more brokerage between smaller players in a fragmented eco-system.
The platform economy is economic and social activity facilitated by platforms. Such platforms are typically online matchmakers or technology frameworks. By far the most common type are "transaction platforms", also known as "digital matchmakers".

Experience Economy
The experience economy is the idea that products and services can outcompete by creating an experience that customers value. In an economy where many products and services have become a commodity, experience is a valuable competitive advantage. The term was first used in a 1998 article by B. Joseph Pine II and James H. Gilmore describing the experience economy as the next economy following the agrarian economy, the industrial economy, and the most recent service economy.

Lazy Economy
The so-called lazy economy refers to a new type of consumption demand, which by nature is time-saving, labor-saving and convenient. A series of commodities and services such as floor mopping robot and take-out food delivery service have emerged to meet people's demand for a more relaxed and easy life. The "lazy economy" has grown rapidly because it meets people's diversified and ever-increasing consumption demands.

Gig Economy
Less need for permanent employees and more flexible workforce.
A free market system in which temporary positions are common and organisations hire independent workers for short-term commitments. The term "gig" is a slang word for a job that lasts a specified period of time; it is typically used by musicians.

Interim Economy
(Joe Mullings, Forbes Jun 4, 2020) For the foreseeable future, will be a survival strategy and eventually a ramp to full time re-employment - both from the employee and the employer perspective. The gig economy might make way for the interim economy as a way for companies to reduce overhead costs such as health insurance and office space.

Low Touch Economy
COVID-19 drive a new form of economy based on reduced close-contact interaction and tighter travel & hygiene restrictions. The current disruption will change how we eat, work, shop, exercise, manage our health, socialise, and spend our free time – at an unprecedented rate of change.