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Bits, bytes, and balance sheets

by Walter B. Wriston

"In Bits, Bytes, and Balance Sheets, Wriston looks at the changes produced by the new economy and defines the new rules of economic engagement. He points out that, because intellectual capital is the driver in this new economy - based largely on service rather than on agriculture or industry in the United States - new global economic, accounting, and financial measures must be developed to give governmental and regulatory bodies, analysts, and the public the information they need to make accurate value judgments." "Wriston explains why the new economy must be viewed as a sensitive ecosystem that responds - sometimes weeks later - to seemingly trivial events and how the age of instant information has drastically affected public policymaking throughout the world. He tells why the unintended consequences of the information revolution, such as increased government regulation, will only stifle its development and why innovation is the key in our networked world." "Wriston acknowledges that some of the old rules - those based on human nature rather than economic dogma - still apply, but his underlying message is clear: intellectual capital is more important than physical capital in today's economy. Businesses must adapt to this reality or perish."--Jacket.