"The New Economics"

Paper Summary:

The paper relates that in "The New Economics," Deming offers a vision for industry, government and education based on effective knowledge, information management and sustainable growth. The paper asserts that the author is profoundly optimistic and forward-thinking in his views of knowledge, human potential and the capacity for positive transformation. The paper discusses how Deming extends far beyond the scope of textbook economics, looking at issues related to human welfare and well-being. The paper concludes that "The New Economics" offers a visionary theory of revolutionary change, not just in American economics but in American culture.

From the Paper:

"The New Economics is succinct: less than 250 pages including the index. Accessible in its tone and layout if not its writing style, the book remains viable as a trade book but its author's background and credibility and his theoretical underpinnings make The New Economics required reading for students, scholars, and professionals. The crux of The New Economics is what Deming calls "A System of Profound Knowledge," which he outlines in detail in Chapter 4. The book is divided into ten sections plus an appendix and index."

Sample of Sources Used:

• Deming, W. Edwards. The New Economics. Cambridge: MIT Press, 2000.

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