Economics of Network Revolution
West Virginia State University
Research Paper, Intermediate Microeconomics
Introduction
Economics is a social science that deals with the production, distribution, and consumption of
commodities. It also focuses on studying the scarcity of resources. On the other hand, a network is a
group or system of interconnected people or things. Networks are definitely the fastest growing-
components in most industries; they include the internet, telephones, social media, computer hardware
and software, banking law, almost every service operation in businesses, and so on. There is no doubt
that the networked economy is a huge revolution nowadays. This new economy provides companies to
have a 24/7 service for every person in and out its country; therefore, the costumers are aware that their
work might be done on the other side of the world. More importantly, the network revolution has been
a great opportunity for companies, especially large ones, to manage their purchasing, invoicing,
document exchange, and logistic through global network. In addition to that, almost every information
can be shared instantly and inexpensively on a global scale.
A very important concept to understand is that networked economy is enabling the replacement
of the human strength with the human knowledge. McKeown et. Al (2009, 9) states that the beginning
