New economy start-ups were being absorbed into old economy companies and economic theory was unifying, he added. There is no such thing as a new economy. The economy we have today is the same one that we will have tomorrow and is the same one that we had yesterday. It relies on exactly the same economic fundamentals of supply and demand that were in operation when Adam Smith penned his Wealth of Nations. Networked technology will alter our world as radically as the industrial age changed the agricultural economy, but the basics haven't changed.
Economic cycles are here to stay and recessions are as inevitable as hangovers after heavy drinking.
Privatisation and competition of South African telcos will result in significant investment in our networked technology backbone. Customers will have choice and despite the investment required, costs will be lower. I cannot emphasise enough the hugely positive role that these telcos can play in catapulting SA ahead. Commenting on other aspects of the e-economy, he said outsourcing technology was equal to abdication of responsibility. At the very least, you as a company should be responsible for your own business case development, your own analysis of the solution, detailed design requirements and you should have a very close role in the implementation of that solution.