Fundamental Question

Name
TutorCourse
Brynjolfsson, Erik, and Michael Schrage. “The New, Faster Face of Innovation.” The Wall Street Journal. 17 August 2009 https://www.wsj.com/articles/SB10001424052970204830304574130820184260340January 11, 2017
Promoting Progress through Adoption of New Technology
In the article, Brynjolfsson and Schrage address how new technology is renovating the concept of innovation in the marketplace encouraging adoption of the new initiatives by firms. It explores how advanced technology is making innovations in companies much cheaper and efficient than it was previously. The article points out that digital technologies are enabling businesses to get a better idea of consumer behaviors and wants subsequently creating marketing efforts that serve the purpose efficiently CITATION Bry09 l 1033 (Brynjolfsson and Schrage). The new face of innovation within companies has boosted productivity, especially in web-based enterprises as change becomes easier, faster, and cheaper CITATION Bry09 l 1033 (Brynjolfsson and Schrage). It states that the competitive markets and the low price of failure have impacted retailers and more industries to try these new systems for experiments, eventually benefiting the consumers too. The new digital systems that are designed to suit various industries in the marketplace are gradually spreading due to economic pressure for companies to adopt the new strategies to increase their efficiency too. The article further explores how the digital systems are inspiring new approaches and modernizing the outdated research and development methods CITATION Bry09 l 1033 (Brynjolfsson and Schrage).

The article concludes that the change in the environment through new digital technologies will prompt quick and inexpensive experimentations and further reforms in various industries and departments CITATION Bry09 l 1033 (Brynjolfsson and Schrage). The article illustrates how the economy responds to the fundamental question of how it will promote progress in the system. Development is initiated through the firms’ incentive to discover innovative strategies in the new technology that are rapid and cheaper to increase efficiency and productivity. With the new efficient digital technologies, the competitive nature of the market prompts different industries and companies to adopt the digital system that matches their needs which in turn promotes progress in the economy. The firms that fail to adopt the new changes in the future will eventually experience a drop in profits and might be forced out of the marketplace.
Work Cited
BIBLIOGRAPHY Brynjolfsson, Erik, and Michael Schrage. “The New, Faster Face of Innovation.” The Wall Street Journal (2009). Web. 11 January 2018.