The Economy of Abundance

VentureBlog (David Hornik) writes:

Continuing in his role as shirpa of the new economy, Chris has moved on from the Long Tail to a related but distinct idea that he is calling the Economy of Abundance. In a talk he just gave at the PopTech conference (a fantastic event in the unbelievably beautiful but remote town of Camden Maine), Chris described this new economy. The basic idea is that incredible advances in technology have driven the cost of things like transistors, storage, bandwidth, to zero. And when the elements that make up a business are sufficiently abundant as to approach free, companies appropriately should view their businesses differently than when resources were scarce (the Economy of Scarcity). They should use those resources with abandon, without concern for waste. That is the overriding attitude of the Economy of Abundance — don’t do one thing, do it all; don’t sell one piece of content, sell it all; don’t store one piece of data, store it all. The Economy of Abundance is about doing everything and throwing away the stuff that doesn’t work. In the Economy of Abundance you can have it all.

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Rajesh Jain

An Entrepreneur based in Mumbai, India.