English Essay - New Economy and ICT

Task: Write a short essay to discuss the topic of New Economy and the role of ICT (Information and Communication Technology) in its development. Write about the main changes and the challenges that front New Economy.

Nowadays, many economists use the term “New Economy” to describe economical and financial activities that rely on the latest technologies. The New Economy bases on digital goods and services, knowledge, information and communication rather than traditional material assets.

The New Economy was born during the last decade of the 20th century, thanks to the progress of science and technology that led to the development of the Internet and hi-tech devices. Everything started in the United States of America and, within a few years, it reached many other nations all over the world.

Information and Communication Technology have completely changed ways of accessing, processing, storing and sharing data. ICT support organisations allowing them to simplify planning, to improve and fasten processes, to increase productivity and flexibility, to reduce time, energy consumption and costs, giving them a competitive advantage.

Furthermore, they are able to bring multiple benefits to all kind of companies that work in many different fields, such as industry, marketing, health, agriculture, textiles, entertainment, sport, security, etc. In fact, it is possible to develop personalised software and tools for each activity.

ICT not only transformed how people work: every aspect of human life changed due to its effects, like relationships, physical and mental habits, models of learning. As the nature of work keeps evolving, education and training need to be about increasing the range of skills to access and meet the needs of the future. In the new globalised and dynamic world, learning must happen throughout people’s career lifespan in order to keep up with the innovation cycles.

The future economy holds plenty of opportunities for those who are open-minded, flexible, adaptable, empathetic and cultural sensitive.

However, not everyone has the possibility or the capacity to access to science and technology. The system design must not leave these people behind. It is important to remind ourselves what is evergreen and that work is about creating meaning, even when it comes from the smallest and ordinary actions.