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href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1184024115"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><table class="sidebar sidebar-collapse nomobile nowraplinks vlist; align:left;"><tbody><tr><td class="sidebar-pretitle">Part of the <a href="/wiki/Social_science" title="Social science">social sciences</a></td></tr><tr><th class="sidebar-title-with-pretitle" style="background: var(--background-color-interactive, #efefef); color: var(--color-base, #000); padding:0.2em;"><a href="/wiki/Economics" title="Economics">Economics</a></th></tr><tr><td class="sidebar-image"><span class="notpageimage skin-invert-image" typeof="mw:File"><a href="/wiki/File:Supply-demand-equilibrium.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/8/8c/Supply-demand-equilibrium.svg/120px-Supply-demand-equilibrium.svg.png" decoding="async" width="120" height="120" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/8c/Supply-demand-equilibrium.svg/180px-Supply-demand-equilibrium.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/8c/Supply-demand-equilibrium.svg/240px-Supply-demand-equilibrium.svg.png 2x" data-file-width="217" data-file-height="217" /></a></span></td></tr><tr><td class="sidebar-above"> <div class="hlist"><ul><li><a href="/wiki/Outline_of_economics" title="Outline of economics">Outline</a></li><li><a href="/wiki/Index_of_economics_articles" title="Index of economics articles">Index</a></li><li><a href="/wiki/JEL_classification_codes" class="mw-redirect" title="JEL classification codes">Categorization codes</a></li><li><a href="/wiki/Glossary_of_economics" title="Glossary of economics">Glossary</a></li><li><a href="/wiki/List_of_economists" title="List of economists">Economists</a></li></ul></div></td></tr><tr><td class="sidebar-content" style="text-align:left;colwidth=100px;"> <div class="sidebar-list mw-collapsible"><div class="sidebar-list-title" style="background:#efefef; border-top:1px solid;background: var(--background-color-interactive, #efefef); color: var(--color-base, #000);;color: var(--color-base)">Tools and <a href="/wiki/Economic_methodology" title="Economic methodology">methodology</a></div><div class="sidebar-list-content mw-collapsible-content"><b><a href="/wiki/Theoretical_economics" class="mw-redirect" title="Theoretical economics">Economic theory</a></b> <ul><li><a href="/wiki/Mathematical_model" title="Mathematical model">Mathematical modeling</a></li> <li><a href="/wiki/Game_theory" title="Game theory">Game theory</a></li> <li><a href="/wiki/Rational_agent_model" class="mw-redirect" title="Rational agent model">Rational choice</a></li> <li><a href="/wiki/Cognitive_science" title="Cognitive science">Cognitive science</a> (<a href="/wiki/Behavioral_economics" title="Behavioral economics">Behavioral</a>)</li> <li><a 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theory</a></li> <li><a href="/wiki/Decision_theory" title="Decision theory">Rational choice theory</a></li> <li><a href="/wiki/Cost%E2%80%93benefit_analysis" title="Cost–benefit analysis">Cost–benefit analysis</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content" style="text-align:left;colwidth=100px;"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef; border-top:1px solid;background: var(--background-color-interactive, #efefef); color: var(--color-base, #000);;color: var(--color-base)"><a href="/wiki/JEL_classification_codes" class="mw-redirect" title="JEL classification codes">Branches and subfields</a></div><div class="sidebar-list-content mw-collapsible-content"><div class="div-col" style="column-width: 100px;"> <ul><li><a href="/wiki/Applied_economics" title="Applied economics">Applied</a></li> <li><a href="/wiki/Econometrics" title="Econometrics">Econometrics</a></li> <li><a href="/wiki/International_economics" title="International economics">International</a></li> <li><a href="/wiki/Microeconomics" title="Microeconomics">Micro</a></li> <li><a href="/wiki/Macroeconomics" title="Macroeconomics">Macro</a></li> <li><a href="/wiki/Mainstream_economics" title="Mainstream economics">Mainstream</a></li> <li><a href="/wiki/Mathematical_economics" title="Mathematical economics">Mathematical</a></li> <li><a href="/wiki/Mechanism_design" title="Mechanism design">Mech. design</a></li> <li><a href="/wiki/Economic_methodology" title="Economic methodology">Methodology</a></li> <li><a href="/wiki/Political_economy" title="Political economy">Political</a></li> <li><a href="/wiki/Industrial_organization" title="Industrial organization">Industrial org.</a></li> <li><a href="/wiki/Market_design" title="Market design">Market design</a></li></ul></div></div></div></td> </tr><tr><td class="sidebar-content" style="text-align:left;colwidth=100px;"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef; border-top:1px solid;background: var(--background-color-interactive, #efefef); color: var(--color-base, #000);;color: var(--color-base)">Applications</div><div class="sidebar-list-content mw-collapsible-content"><div class="div-col" style="column-width: 100px;"> <ul><li><a href="/wiki/Agricultural_economics" title="Agricultural economics">Agriculture</a></li> <li><a href="/wiki/Business_economics" title="Business economics">Business</a></li> <li><a href="/wiki/Cultural_economics" title="Cultural economics">Cultural</a></li> <li><a href="/wiki/Demographic_economics" title="Demographic economics">Demographic</a></li> <li><a href="/wiki/Development_economics" title="Development economics">Development</a></li> <li><a href="/wiki/Ecological_economics" title="Ecological economics">Ecological</a></li> <li><a href="/wiki/Education_economics" title="Education economics">Education</a></li> <li><a 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data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a 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ol,.mw-parser-output .plainlist ul{line-height:inherit;list-style:none;margin:0;padding:0}.mw-parser-output .plainlist ol li,.mw-parser-output .plainlist ul li{margin-bottom:0}</style><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><table class="sidebar sidebar-collapse nomobile nowraplinks"><tbody><tr><td class="sidebar-pretitle">Part of <a href="/wiki/Category:Economic_systems" title="Category:Economic systems">a series</a> on</td></tr><tr><th class="sidebar-title-with-pretitle" style="background:#efefef;padding:0.4em;"><a href="/wiki/Economic_system" title="Economic system">Economic systems</a></th></tr><tr><td class="sidebar-above"> <div class="center" style="width:auto; margin-left:auto; margin-right:auto;">Major types</div> <div class="hlist"> <ul><li><a href="/wiki/Capitalism" title="Capitalism">Capitalism</a></li> <li><a href="/wiki/Socialism" title="Socialism">Socialism</a></li> <li><a href="/wiki/Communism" title="Communism">Communism</a></li></ul> </div></td></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;border-top:1px solid #aaa;text-align:left;;color: var(--color-base)">By ideology</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Associative_economics" title="Associative economics">Associative</a></li> <li><a href="/wiki/Capitalism" title="Capitalism">Capitalist</a> <ul><li><a href="/wiki/Corporate_capitalism" title="Corporate capitalism">Corporate</a></li> <li><a href="/wiki/Democratic_capitalism" title="Democratic capitalism">Democratic</a></li> <li><a href="/wiki/Laissez-faire" title="Laissez-faire">Laissez-faire</a></li> <li><a href="/wiki/Mercantilism" title="Mercantilism">Mercantilist</a></li> <li><a href="/wiki/Neoliberalism" title="Neoliberalism">Neoliberal</a></li> <li><a href="/wiki/Neomercantilism" title="Neomercantilism">Neomercantilist</a></li> <li><a href="/wiki/Protectionism" title="Protectionism">Protectionist</a></li> <li><a href="/wiki/Social_market_economy" title="Social market economy">Social market</a></li> <li><a href="/wiki/State_capitalism" title="State capitalism">State</a></li> <li><a href="/wiki/Welfare_capitalism" title="Welfare capitalism">Welfare</a></li></ul></li> <li><a href="/wiki/Economic_democracy" title="Economic democracy">Democratic</a></li> <li><a href="/wiki/Economics_of_fascism" title="Economics of fascism">Fascist</a></li> <li><a href="/wiki/Feminist_economics" title="Feminist economics">Feminist</a></li> <li><a href="/wiki/Georgism" title="Georgism">Georgist</a></li> <li><a href="/wiki/Green_economy" title="Green economy">Green</a></li> <li>Religious <ul><li><a href="/wiki/Buddhist_economics" title="Buddhist economics">Buddhist economics</a></li> <li><a href="/wiki/Christian_finance" title="Christian finance">Christian</a> <ul><li><a href="/wiki/Sabbath_economics" title="Sabbath economics">Sabbath economics</a></li></ul></li> <li><a href="/wiki/Islamic_economics" title="Islamic economics">Islamic</a></li></ul></li> <li><a href="/wiki/Socialist_economics" title="Socialist economics">Socialist</a> <ul><li><a href="/wiki/Communism" title="Communism">Communist</a></li> <li><a href="/wiki/Market_socialism" title="Market socialism">Market socialist</a></li> <li><a href="/wiki/Mutualism_(movement)" title="Mutualism (movement)">Mutualist</a></li> <li><a href="/wiki/Participatory_economics" title="Participatory economics">Participatory</a></li> <li><a href="/wiki/Socialist_market_economy" title="Socialist market economy">Socialist market</a></li> <li><a href="/wiki/Socialist-oriented_market_economy" title="Socialist-oriented market economy">Socialist-oriented market</a></li> <li><a href="/wiki/State_socialism" title="State socialism">State</a></li> <li><a href="/wiki/Syndicalism" title="Syndicalism">Syndicalist</a></li></ul></li> <li><a href="/wiki/Social_credit" title="Social credit">Social credit</a></li> <li><a href="/wiki/Distributism" title="Distributism">Distributist</a></li> <li><a href="/wiki/Traditional_economy" title="Traditional economy">Traditionalist</a> <ul><li><a href="/wiki/Corporatism" title="Corporatism">Corporatist</a></li> <li><a href="/wiki/Feudalism" title="Feudalism">Feudalism</a></li></ul></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;border-top:1px solid #aaa;text-align:left;;color: var(--color-base)">By coordination</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Autarky" title="Autarky">Closed (autarky)</a></li> <li><a href="/wiki/Decentralized_planning_(economics)" class="mw-redirect" title="Decentralized planning (economics)">Decentralized</a></li> <li><a href="/wiki/Digital_economy" title="Digital economy">Digital</a></li> <li><a href="/wiki/Dirigisme" title="Dirigisme">Dirigist</a></li> <li><a href="/wiki/Dual_economy" title="Dual economy">Dual</a></li> <li><a href="/wiki/Gift_economy" title="Gift economy">Gift</a></li> <li><a href="/wiki/Informal_sector" class="mw-redirect" title="Informal sector">Informal</a></li> <li><a href="/wiki/Market_economy" title="Market economy">Market</a></li> <li><a href="/wiki/Mixed_economy" title="Mixed economy">Mixed</a></li> <li><a href="/wiki/Natural_economy" title="Natural economy">Natural</a></li> <li><a href="/wiki/Open_economy" title="Open economy">Open</a></li> <li><a href="/wiki/Planned_economy" title="Planned economy">Planned</a></li> <li><a href="/wiki/Robinson_Crusoe_economy" title="Robinson Crusoe economy">Robinson Crusoe</a></li> <li><a href="/wiki/Sharing_economy" title="Sharing economy">Sharing</a></li> <li><a href="/wiki/Subsistence_economy" title="Subsistence economy">Subsistence</a></li> <li><a href="/wiki/Black_market" title="Black market">Underground</a></li> <li><a href="/wiki/Vertical_archipelago" title="Vertical archipelago">Vertical archipelago</a></li> <li><a href="/wiki/Virtual_economy" title="Virtual economy">Virtual</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;border-top:1px solid #aaa;text-align:left;;color: var(--color-base)">By regional model</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li>Asian <ul><li><a href="/wiki/East_Asian_model_of_capitalism" class="mw-redirect" title="East Asian model of capitalism">East Asian</a></li> <li><a href="/wiki/Beijing_Consensus" title="Beijing Consensus">Chinese</a></li> <li><a href="/wiki/Economy_of_Singapore" title="Economy of Singapore">Singaporean</a></li> <li><a href="/wiki/Kerala_model" title="Kerala model">Keralan</a></li></ul></li> <li>European <ul><li><a href="/wiki/Anglo-Saxon_model" title="Anglo-Saxon model">Anglo-Saxon</a></li> <li><a href="/wiki/German_model" title="German model">German</a></li> <li><a href="/wiki/Nordic_model" title="Nordic model">Nordic</a></li> <li><a href="/wiki/Polder_model" title="Polder model">Dutch</a></li> <li><a href="/wiki/Social_market_economy" title="Social market economy">Rhenish</a></li> <li><a href="/wiki/Soviet-type_economic_planning" title="Soviet-type economic planning">Soviet</a></li></ul></li> <li>Latin America <ul><li><a href="/wiki/Socialism_of_the_21st_century" title="Socialism of the 21st century">Socialism of the 21st century</a></li></ul></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;border-top:1px solid #aaa;text-align:left;;color: var(--color-base)">Sectors</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Common_ownership" title="Common ownership">Common ownership</a></li> <li><a href="/wiki/Private_sector" title="Private sector">Private</a></li> <li><a href="/wiki/Public_sector" title="Public sector">Public</a></li> <li><a href="/wiki/Voluntary_sector" title="Voluntary sector">Voluntary</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;border-top:1px solid #aaa;text-align:left;;color: var(--color-base)">Property types</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Collective_ownership" title="Collective ownership">Collective ownership</a></li> <li><a href="/wiki/Commons" title="Commons">Commons</a> (<a href="/wiki/Common_ownership" title="Common ownership">Common ownership</a>)</li> <li><a href="/wiki/Private_property" title="Private property">Private property</a></li> <li><a href="/wiki/State_ownership" title="State ownership">State ownership</a></li> <li><a href="/wiki/Social_ownership" title="Social ownership">Social ownership</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;border-top:1px solid #aaa;text-align:left;;color: var(--color-base)">Transition</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Collective_farming" title="Collective farming">Collectivization</a></li> <li><a href="/wiki/Communization" title="Communization">Communization</a></li> <li><a href="/wiki/Corporatization" title="Corporatization">Corporatization</a></li> <li><a href="/wiki/Demutualization" title="Demutualization">Demutualization</a></li> <li><a href="/wiki/Deregulation" title="Deregulation">Deregulation</a></li> <li><a href="/wiki/Expropriation" class="mw-redirect" title="Expropriation">Expropriation</a></li> <li><a href="/wiki/Financialization" title="Financialization">Financialization</a></li> <li><a href="/wiki/Liberalization" title="Liberalization">Liberalization</a></li> <li><a href="/wiki/Marketization" title="Marketization">Marketization</a></li> <li><a href="/wiki/Municipalization" title="Municipalization">Municipalization</a></li> <li><a href="/wiki/Mutualization" class="mw-redirect" title="Mutualization">Mutualization</a></li> <li><a href="/wiki/Nationalization" title="Nationalization">Nationalization</a></li> <li><a href="/wiki/Privatization" title="Privatization">Privatization</a></li> <li><a href="/wiki/Socialization_(economics)" class="mw-redirect" title="Socialization (economics)">Socialization</a> <ul><li><a href="/wiki/Socialization_(Marxism)" title="Socialization (Marxism)">Marxist</a></li></ul></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;border-top:1px solid #aaa;text-align:left;;color: var(--color-base)">Coordination</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Barter" title="Barter">Barter</a></li> <li><a href="/wiki/Market_(economics)" title="Market (economics)">Market</a> <ul><li><a href="/wiki/Free_market" title="Free market">Free</a></li> <li><a href="/wiki/Open_market" title="Open market">Open</a></li> <li><a href="/wiki/Regulated_market" title="Regulated market">Regulated</a></li></ul></li> <li><a href="/wiki/Economic_planning" title="Economic planning">Planning</a> <ul><li><a href="/wiki/Calculation_in_kind" title="Calculation in kind">In kind</a></li> <li><a href="/wiki/Cybernetics" title="Cybernetics">Cybernetics</a></li> <li><a href="/wiki/Indicative_planning" title="Indicative planning">Indicative</a></li> <li><a href="/wiki/Material_balance_planning" title="Material balance planning">Material balancing</a></li></ul></li> <li><a href="/wiki/Price_system" title="Price system">Price</a></li> <li><a href="/wiki/Self-managed_economy" class="mw-redirect" title="Self-managed economy">Self-managed</a> <ul><li><a href="/wiki/Social_peer-to-peer_processes#P2P_economic_system" class="mw-redirect" title="Social peer-to-peer processes">Peer-to-peer</a></li> <li><a href="/wiki/Sharing_economy" title="Sharing economy">Sharing</a></li> <li><a href="/wiki/Open_access" title="Open access">Open access</a></li></ul></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;border-top:1px solid #aaa;text-align:left;;color: var(--color-base)">Other types</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Attention_economy" title="Attention economy">Attention</a></li> <li><a href="/wiki/Commons-based_peer_production" title="Commons-based peer production">Commons-based peer production</a></li> <li><a href="/wiki/Expeditionary_economics" title="Expeditionary economics">Expeditionary</a></li> <li><a href="/wiki/Hunter-gatherer" title="Hunter-gatherer">Hunter-gatherer</a></li> <li><a href="/wiki/Inclusive_Democracy" class="mw-redirect" title="Inclusive Democracy">Inclusive Democracy</a></li> <li><a href="/wiki/Information_economy" title="Information economy">Information</a></li> <li><a href="/wiki/Manorialism" title="Manorialism">Manorialism</a></li> <li><a href="/wiki/Newly_industrialized_country" title="Newly industrialized country">Newly industrialized</a></li> <li><a href="/wiki/Palace_economy" title="Palace economy">Palace</a></li> <li><a href="/wiki/Plantation_economy" title="Plantation economy">Plantation</a></li> <li><a href="/wiki/Plutonomy" title="Plutonomy">Plutonomy</a></li> <li><a href="/wiki/Post-capitalism" title="Post-capitalism">Post-capitalist</a></li> <li><a href="/wiki/Post-industrial_economy" title="Post-industrial economy">Post-industrial</a></li> <li><a href="/wiki/Post-scarcity_economy" class="mw-redirect" title="Post-scarcity economy">Post-scarcity</a></li> <li><a href="/wiki/Resource-based_economy" title="Resource-based economy">Resource-based</a></li> <li><a href="/wiki/Token_economy" title="Token economy">Token</a></li> <li><a href="/wiki/Traditional_economy" title="Traditional economy">Traditional</a></li> <li><a href="/wiki/Transition_economy" title="Transition economy">Transition</a></li> <li><a href="/wiki/World_economy" title="World economy">World</a></li></ul></div></div></td> </tr><tr><td class="sidebar-below plainlist" style="line-height:1.2em;font-weight:bold;"> <ul><li><span class="nowrap"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/16px-Emblem-money.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/24px-Emblem-money.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/32px-Emblem-money.svg.png 2x" data-file-width="48" data-file-height="48" /></a></span> </span><a href="/wiki/Portal:Business_and_economics" class="mw-redirect" title="Portal:Business and economics">Business and economics portal</a></li></ul></td></tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Economic_systems_sidebar" title="Template:Economic systems sidebar"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Economic_systems_sidebar" title="Template talk:Economic systems sidebar"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Economic_systems_sidebar" title="Special:EditPage/Template:Economic systems sidebar"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <figure class="mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Gdp-and-labour-force-by-sector.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/3/3d/Gdp-and-labour-force-by-sector.png/300px-Gdp-and-labour-force-by-sector.png" decoding="async" width="300" height="264" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/3/3d/Gdp-and-labour-force-by-sector.png/450px-Gdp-and-labour-force-by-sector.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/3/3d/Gdp-and-labour-force-by-sector.png/600px-Gdp-and-labour-force-by-sector.png 2x" data-file-width="1425" data-file-height="1256" /></a><figcaption><a href="/wiki/Gross_domestic_product" title="Gross domestic product">GDP</a> Composition By Sector and Labour Force By Occupation</figcaption></figure> <p><b>Service economy</b> can refer to one or both of two recent economic developments: </p> <ul><li>The increased importance of the <a href="/wiki/Service_sector" class="mw-redirect" title="Service sector">service sector</a> in <a href="/wiki/Developed_country" title="Developed country">industrialized economies</a>. The current list of <a href="/wiki/Fortune_500" title="Fortune 500">Fortune 500</a> companies contains more service companies and fewer manufacturers than in previous decades.</li> <li>The relative importance of service in a product offering. The service economy in developing countries is mostly concentrated in <a href="/wiki/Financial_services" title="Financial services">financial services</a>, <a href="/wiki/Hospitality" title="Hospitality">hospitality</a>, <a href="/wiki/Retail" title="Retail">retail</a>, <a href="/wiki/Health_services" class="mw-redirect" title="Health services">health</a>, <a href="/wiki/Human_services" title="Human services">human services</a>, <a href="/wiki/Information_technology" title="Information technology">information technology</a> and <a href="/wiki/Education" title="Education">education</a>. Products today have a higher service component than in previous decades. In the management literature this is referred to as <b>the servitization of products</b> or a <a href="/wiki/Product-service_system" title="Product-service system">product-service system</a>. Virtually every product today has a service component to it.</li></ul> <p>The old dichotomy between product and service has been replaced by a <a href="/wiki/Service_(economics)" title="Service (economics)">Service (economics)</a> service–product continuum <a rel="nofollow" class="external autonumber" href="https://mbastudymaterial.com/goods-service-continuum/">[1]</a>. Many <a href="/wiki/Product_(business)" title="Product (business)">products</a> are being transformed into services. </p><p>For example, <a href="/wiki/IBM" title="IBM">IBM</a> treats its business as a service business. Although it still manufactures computers, it sees the physical goods as a small part of the "business solutions" industry. They have found that the <a href="/wiki/Price_elasticity_of_demand" title="Price elasticity of demand">price elasticity of demand</a> for "business solutions" is much less than for hardware. There has been a corresponding shift to a <a href="/wiki/Subscription_business_model" title="Subscription business model">subscription pricing model</a>. Rather than receiving a single payment for a piece of manufactured equipment, many manufacturers are now receiving a steady stream of revenue for ongoing contracts. </p><p><a href="/wiki/Full_cost_accounting" class="mw-redirect" title="Full cost accounting">Full cost accounting</a> and most <a href="/wiki/Accounting_reform" class="mw-redirect" title="Accounting reform">accounting reform</a> and <a href="/wiki/Monetary_reform" title="Monetary reform">monetary reform</a> measures are usually thought to be impossible to achieve without a good model of the service economy. </p><p>Since the 1950s, the global economy has undergone a structural transformation. For this change, the American economist Victor R. Fuchs called it “the service economy” in 1968. He believes that the United States has taken the lead in entering the service economy and society in the Western countries. The declaration heralded the arrival of a service economy that began in the United States on a global scale. With the rapid development of information technology, the service economy has also shown new development trends.<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Environmental_effects_of_the_service_economy">Environmental effects of the service economy</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Service_economy&action=edit&section=1" title="Edit section: Environmental effects of the service economy"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>This is seen, especially in <a href="/wiki/Green_economics" class="mw-redirect" title="Green economics">green economics</a> and more specific theories within it such as <a href="/wiki/Natural_Capitalism" title="Natural Capitalism">Natural Capitalism</a>, as having these benefits:<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (April 2021)">citation needed</span></a></i>]</sup> </p> <ul><li>Much easier integration with <a href="/wiki/Accounting" title="Accounting">accounting</a> for nature's services</li> <li>Much easier integration with <a href="/wiki/State_services" class="mw-redirect" title="State services">state services</a> under <a href="/wiki/Globalization" title="Globalization">globalization</a>, e.g. meat inspection is a service that is assumed within a product price, but which can vary quite drastically with jurisdiction, with some serious effects.</li> <li>Association of goods movements in raw materials and energy markets with the related negative environmental effects (representing <a href="/wiki/Emission_trading" class="mw-redirect" title="Emission trading">emissions</a> or other <a href="/wiki/Pollution" title="Pollution">pollution</a>, <a href="/wiki/Biodiversity_loss" title="Biodiversity loss">biodiversity loss</a>, <a href="/wiki/Biosecurity" title="Biosecurity">biosecurity</a> risk) <a href="/wiki/Public_bad" title="Public bad">public bads</a> so that no commodity can be traded without assuming responsibility for damage done by its extraction, processing, shipping, trading and sale - its <a href="/wiki/Comprehensive_outcome" class="mw-redirect" title="Comprehensive outcome">comprehensive outcome</a></li> <li>Easier integration with <a href="/wiki/Urban_ecology" title="Urban ecology">urban ecology</a> and <a href="/wiki/Industrial_ecology" title="Industrial ecology">industrial ecology</a> modelling</li> <li>Making it easier to relate to the <a href="/wiki/Experience_Economy" class="mw-redirect" title="Experience Economy">Experience Economy</a> of actual <a href="/wiki/Quality_of_life" title="Quality of life">quality of life</a> decisions made by human beings based on assumptions about service, and integrating <a href="/wiki/Economics" title="Economics">economics</a> better with <a href="/wiki/Marketing" title="Marketing">marketing</a> theory about <a href="/wiki/Brand" title="Brand">brand</a> value e.g. products are purchased for their assumed reliability in some known process. This assumes that the user's experience with the brand (implying a service they expect) is far more important than its technical characteristics</li></ul> <p><a href="/wiki/Product_stewardship" title="Product stewardship">Product stewardship</a> or product take-back are words for a specific requirement or measure in which the service of <a href="/wiki/Waste_disposal" class="mw-redirect" title="Waste disposal">waste disposal</a> is included in the distribution chain of an industrial product and is paid for at time of purchase. That is, paying for the safe and proper disposal when you pay for the product, and relying on those who sold it to you to dispose of it. </p><p>Those who advocate it are concerned with the later phases of <a href="/wiki/Product_lifecycle_(marketing)" class="mw-redirect" title="Product lifecycle (marketing)">product lifecycle</a> and the <a href="/wiki/Comprehensive_outcome" class="mw-redirect" title="Comprehensive outcome">comprehensive outcome</a> of the whole production process. It is considered a pre-requisite to a strict service economy interpretation of (fictional, national, legal) "commodity" and "product" relationships. </p><p>It is often applied to paint, tires, and other goods that become <a href="/wiki/Toxic_waste" title="Toxic waste">toxic waste</a> if not disposed of properly. It is most familiar as the <a href="/wiki/Container_deposit" class="mw-redirect" title="Container deposit">container deposit</a> charged for a <a href="/wiki/Deposit_bottle" class="mw-redirect" title="Deposit bottle">deposit bottle</a>. One pays a fee to buy the bottle, separately from the fee to buy what it contains. If one returns the bottle, the fee is returned, and the supplier must return the bottle for <a href="/wiki/Re-use" class="mw-redirect" title="Re-use">re-use</a> or <a href="/wiki/Recycling" title="Recycling">recycling</a>. If not, one has paid the fee, and presumably this can pay for <a href="/wiki/Landfill" title="Landfill">landfill</a> or <a href="/wiki/Litter" title="Litter">litter</a> control measures that dispose of diapers or a broken bottle. Also, since the same fee can be collected by anyone finding and returning the bottle, it is common for people to collect these and return them as a means of gaining a small income. This is quite common for instance among <a href="/wiki/Homeless" class="mw-redirect" title="Homeless">homeless</a> people in U.S. cities. Legal requirements vary: the bottle itself may be considered the <a href="/wiki/Property" title="Property">property</a> of the purchaser of the contents, or, the purchaser may have some obligation to return the bottle to some depot so it can be <a href="/wiki/Recycling" title="Recycling">recycled</a> or re-used. </p><p>In some countries, such as <a href="/wiki/Germany" title="Germany">Germany</a>, <a href="/wiki/Law" title="Law">law</a> requires attention to the <a href="/wiki/Comprehensive_outcome" class="mw-redirect" title="Comprehensive outcome">comprehensive outcome</a> of the whole extraction, production, distribution, use and waste of a product, and holds those profiting from these legally responsible for any outcome along the way. This is also the trend in the <a href="/wiki/United_Kingdom" title="United Kingdom">UK</a> and <a href="/wiki/European_Union" title="European Union">EU</a> generally. In the <a href="/wiki/United_States" title="United States">United States</a>, there have been many <a href="/wiki/Class_action_suit" class="mw-redirect" title="Class action suit">class action suits</a> that are effectively product stewardship <a href="/wiki/Legal_liability" title="Legal liability">liability</a> - holding companies responsible for things the product does which it was never advertised to do. </p><p>Rather than let liability for these problems be taken up by the <a href="/wiki/Public_sector" title="Public sector">public sector</a> or be haphazardly assigned one issue at a time to companies via lawsuits, many <a href="/wiki/Accounting_reform" class="mw-redirect" title="Accounting reform">accounting reform</a> efforts focus on achieving <a href="/wiki/Full_cost_accounting" class="mw-redirect" title="Full cost accounting">full cost accounting</a>. This is the <a href="/wiki/Financial_capital" title="Financial capital">financial</a> reflection of the comprehensive outcome - noting the gains and losses to all parties involved, not just those investing or purchasing. Such moves have made <a href="/wiki/Moral_purchasing" class="mw-redirect" title="Moral purchasing">moral purchasing</a> more attractive, as it avoids liability and future lawsuits. </p><p>The <a href="/wiki/United_States_Environmental_Protection_Agency" title="United States Environmental Protection Agency">United States Environmental Protection Agency</a> advocates product stewardship to "reduce the life-cycle environmental effects of products." The ideal of product stewardship, as administered by the EPA in 2004, "taps the shared ingenuity and responsibility of businesses, consumers, governments, and others," the EPA states at a Web site. </p> <div class="mw-heading mw-heading2"><h2 id="Role_of_the_service_economy_in_development">Role of the service economy in development</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Service_economy&action=edit&section=2" title="Edit section: Role of the service economy in development"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Services constitute over 50% of GDP in low income countries and as their economies continue to develop, the importance of services in the economy continues to grow.<sup id="cite_ref-odi.org.uk_2-0" class="reference"><a href="#cite_note-odi.org.uk-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> The service economy is also key to growth, for instance it accounted for 47% of economic growth in sub-Saharan Africa over the period 2000–2005 (industry contributed 37% and agriculture 16% in the same period).<sup id="cite_ref-odi.org.uk_2-1" class="reference"><a href="#cite_note-odi.org.uk-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> This means that recent economic growth in Africa relies as much on services as on natural resources or textiles, despite many of those countries benefiting from trade preferences in <a href="/wiki/Primary_sector_of_the_economy" title="Primary sector of the economy">primary</a> and <a href="/wiki/Secondary_goods" class="mw-redirect" title="Secondary goods">secondary goods</a>. As a result, employment is also adjusting to the changes and people are leaving the agricultural sector to find work in the service economy. This job creation is particularly useful as often it provides employment for low skilled labour in the tourism and retail sectors, thus benefiting the poor in particular and representing an overall net increase in employment.<sup id="cite_ref-odi.org.uk_2-2" class="reference"><a href="#cite_note-odi.org.uk-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> The service economy in developing countries is most often made up of the following: </p> <ul><li><a href="/wiki/Financial_services" title="Financial services">Financial services</a></li> <li><a href="/wiki/Tourism" title="Tourism">Tourism</a></li> <li><a href="/wiki/Distribution_(economics)" title="Distribution (economics)">Distribution</a></li> <li><a href="/wiki/Health_services" class="mw-redirect" title="Health services">Health</a>, and</li> <li><a href="/wiki/Education" title="Education">Education</a></li></ul> <p>The export potential of many of these products is already well understood, e.g. in tourism, financial services and transport, however, new opportunities are arising in other sectors, such as the health sector. For example: </p> <ul><li>Indian companies who provide scanning services for US hospitals</li> <li>South Africa is developing a market for surgery and tourism packages</li> <li>India, the Philippines, South Africa and Mauritius have experienced rapid growth in IT services, such as call centers, back-office functions and software development.</li></ul> <div class="mw-heading mw-heading2"><h2 id="Servitization_drivers">Servitization drivers</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Service_economy&action=edit&section=3" title="Edit section: Servitization drivers"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The trend of servitization is very visible while looking at the growth of the service shares in the United States and European countries GDP than 20 years ago. Services are becoming an inseparable component of the product, as the supplier offers them jointly with the core to improve its performance (IBM, 2010). However, what are the key drivers for reshaping the business model of the company? Baines, Lightfoot, & Kay (2006) name three main sets of factors that motivate companies to expand into services sectors: financial, strategic and marketing. </p> <div class="mw-heading mw-heading3"><h3 id="Financial_drivers">Financial drivers</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Service_economy&action=edit&section=4" title="Edit section: Financial drivers"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The financial driver is reflected in improved profit margins and stable income, that come with servitization. In the increasing price competition among product offering, companies can use services to recover the lost potential revenue. GE's transportation division encountered a 60% drop in the number of locomotives sold between 1999 and 2002 but did not turn out disastrously because the revenue from services has tripled from $500M to $1.5B from 1996 to 2002.<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> According to an AMR Research (1999) report, companies earn over 45% gross profits from the aftermarket services although they represent only 24% of revenues. It also shows that GM earned more profits in 2001 from $9 billion after-sale revenues than it did from $150 billion income from car sales.<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p><p>Also, the servitization levels the seasonality of the product and increases life cycles of the complex products, examples of which one can see in the aircraft industry, whereby companies stop focusing on the pure product delivery but start introducing maintenance and other aftermarket activities.<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Strategic_drivers">Strategic drivers</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Service_economy&action=edit&section=5" title="Edit section: Strategic drivers"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Strategic drivers focus mainly on gaining and securing the competitive advantage by the company. For the company to be able to achieve sustainable competitive advantage, its resources should be valuable, rare, difficult to imitate and organised. Servitization might not be the ultimate and only guarantee for the company of achieving it. However, it shows to be valuable as it is not provided by many suppliers, and it facilitates the usage of the product by the customer. It is also rare and difficult to imitate as not too many companies have capabilities of providing service to the customer since the producer has better knowledge and experience in the product functioning. Moreover, services are less visible and require more labour, therefore, prove to be more difficult to imitate. Finally, commoditisation is pushing the prices down, forcing companies to constantly innovate. However, adding services to the product enhances its value to the customer making it more valuable and perceived customised as service delivery can be done in a more individual way answering the customer needs on a more ad hoc manner. </p> <div class="mw-heading mw-heading3"><h3 id="Marketing_and_sales_drivers">Marketing and sales drivers</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Service_economy&action=edit&section=6" title="Edit section: Marketing and sales drivers"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>As services are provided on a long-term basis rather than one-time sale they offer more time to build the relationship with the customers and allow supplier to create the brand. Moreover, it enables the sales team to influence the purchasing decisions, by giving them opportunities to upsell additional product extension or other complementing parts of the product. Growing needs for services in the B2B industry comes from the customer and his need for not universal but custom-made solutions and this requires understanding his scope of work. This kind of work requires time and meetings of both sides during which trust and understanding are developed, which further leads to loyalty.<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> Last but not least working closely with customer and having opinions from a different perspective provides the supplier with valuable insights about the industry enabling him to innovate with a more customer-centric approach. </p><p>Designing a proper go-to-market strategy (aligned with an operations strategy) is key success factor for the PSS to be successfully introduced on the market. The 5Cs marketing framework analysis shall be applied: </p> <ul><li>Context (<a href="/wiki/PESTEL" class="mw-redirect" title="PESTEL">PESTEL</a> analysis)</li> <li>Customer</li> <li>Competition</li> <li>Collaborators (suppliers and distributors)</li> <li>Company (Internal capabilities, for instance with a <a href="/wiki/VRIN" class="mw-redirect" title="VRIN">VRIN</a> test)</li></ul> <p>Perticularly important is the pricing approach, that to be successful shall adopt a Total Economic Value approach supported by a <a href="/wiki/Conjoint_analysis" title="Conjoint analysis">conjoint analysis</a> to determine customer preferences and price sensitivity. Servitization contracts are typically based on fixed-fee schemas with increasing level of risks: </p> <ul><li>fixed-fee for Product oriented PSS have the lowest level of risks</li> <li>level of risks increase moving versus usage-based oriented PSS, as an agreed uptime level is the base of pricing</li> <li>highest risks is captured with fixed fee for result-based PSS.</li></ul> <p><a href="/wiki/Total_economic_value" title="Total economic value">TEV</a> analysis shall identify how the repositioning of such risks from customers to supplier creates value for the client and shall be used in pricing strategy </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Service_economy&action=edit&section=7" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Circular_economy" title="Circular economy">Circular economy</a></li> <li><a href="/wiki/Information_revolution" class="mw-redirect" title="Information revolution">Information revolution</a></li> <li><a href="/wiki/Product-service_system" title="Product-service system">Product-service system</a></li> <li><a href="/wiki/Services_marketing" title="Services marketing">Services marketing</a></li> <li><a href="/wiki/Service_system" title="Service system">Service system</a></li> <li><a href="/wiki/Precarious_work" title="Precarious work">Precarious work</a></li> <li><a href="/wiki/As_a_service" title="As a service">as a service</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Service_economy&action=edit&section=8" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap"><ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFVictor_R.2011" class="citation book cs1">Victor R., Fuchs (18 July 2011). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=QSM8DQAAQBAJ"><i>Who Shall Live?: Health, Economics and Social Choice</i></a>. World Scientific Publishing Company. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9789814365642" title="Special:BookSources/9789814365642"><bdi>9789814365642</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Who+Shall+Live%3F%3A+Health%2C+Economics+and+Social+Choice&rft.pub=World+Scientific+Publishing+Company&rft.date=2011-07-18&rft.isbn=9789814365642&rft.aulast=Victor+R.&rft.aufirst=Fuchs&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DQSM8DQAAQBAJ&rfr_id=info%3Asid%2Fen.wikipedia.org%3AService+economy" class="Z3988"></span></span> </li> <li id="cite_note-odi.org.uk-2"><span class="mw-cite-backlink">^ <a href="#cite_ref-odi.org.uk_2-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-odi.org.uk_2-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-odi.org.uk_2-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text">Massimiliano Cali, Karen Ellis and Dirk Willem te Velde (2008) <a rel="nofollow" class="external text" href="http://www.odi.org/sites/odi.org.uk/files/odi-assets/publications-opinion-files/3484.pdf">The contribution of services to development: The role of regulation and trade liberalisation</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200923191616/https://www.odi.org/sites/odi.org.uk/files/odi-assets/publications-opinion-files/3484.pdf">Archived</a> 2020-09-23 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a> London: Overseas Development Institute</span> </li> <li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text">Sawhney, M. S., Balasubramaniam, S., & Krishnan, V. V. (2004). Creating Growth with Services. MIT Sloan Management Review. <a rel="nofollow" class="external free" href="https://doi.org/10.1080/13552600410001470973">https://doi.org/10.1080/13552600410001470973</a></span> </li> <li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text">Cohen, M. A., & Agrawal, N. (2006). Winning in the Aftermarket. Harvard Business Review, 84, 129–138. <a rel="nofollow" class="external free" href="https://doi.org/Article">https://doi.org/Article</a></span> </li> <li id="cite_note-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-5">^</a></b></span> <span class="reference-text">Ward, Y., & Graves, A. (2007). Through-life management: the provision of total customer solutions in the aerospace industry. International Journal of Services Technology and Management, 8(6), 455. <a rel="nofollow" class="external free" href="https://doi.org/10.1504/IJSTM.2007.013942">https://doi.org/10.1504/IJSTM.2007.013942</a></span> </li> <li id="cite_note-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-6">^</a></b></span> <span class="reference-text">Vandermerwe, S., & Rada, J. (1988). Servitization of Business: Adding Value by Adding Services. European Management Journal, 6(4), 314–324. <a rel="nofollow" class="external free" href="https://doi.org/10.1016/0263-2373(88)90033-3">https://doi.org/10.1016/0263-2373(88)90033-3</a></span> </li> </ol></div></div> <ul><li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFShelp1982" class="citation book cs1">Shelp, Ronald (January 1982). <span class="id-lock-registration" title="Free registration required"><a rel="nofollow" class="external text" href="https://archive.org/details/beyondindustrial00shel"><i>Beyond Industrialization: Ascendancy of the Global Service Economy</i></a></span>. Praeger Publishers. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0030593048" title="Special:BookSources/978-0030593048"><bdi>978-0030593048</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Beyond+Industrialization%3A+Ascendancy+of+the+Global+Service+Economy&rft.pub=Praeger+Publishers&rft.date=1982-01&rft.isbn=978-0030593048&rft.aulast=Shelp&rft.aufirst=Ronald&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fbeyondindustrial00shel&rfr_id=info%3Asid%2Fen.wikipedia.org%3AService+economy" class="Z3988"></span></li></ul> <div class="mw-heading mw-heading2"><h2 id="Further_reading">Further reading</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Service_economy&action=edit&section=9" title="Edit section: Further reading"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li>Vandermerwe, S. and Rada, J. (1988) "Servitization of business: Adding value by adding services", <i>European Management Journal</i>, vol. 6, no. 4, 1988.</li> <li>Christian Girschner, Die Dienstleistungsgesellschaft. Zur Kritik einer fixen Idee. Köln: PapyRossa Verlag, 2003.</li></ul> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Service_economy&action=edit&section=10" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a rel="nofollow" class="external text" href="http://www.epa.gov/epaoswer/non-hw/reduce/epr/">EPA Product Stewardship Web site</a> "highlights the latest developments in product stewardship, both in the United States and abroad."</li> <li><a rel="nofollow" class="external text" href="http://www.uscsi.org">Coalition of Service Industries Web site</a> "The leading trade association representing the U.S. service industry in international trade negotiations."</li> <li>The (new) service economy is not the same as the service sector, described at <a rel="nofollow" class="external text" href="http://coevolving.com/blogs/index.php/archive/science-of-service-systems-service-sector-service-economy/">"Science of service systems, service sector, service economy" on the Coevolving Innovations web site</a></li> <li>An input-oriented approached based on Richard Florida's work at <a rel="nofollow" class="external text" href="http://coevolving.com/blogs/index.php/archive/talent-in-the-new-service-economy-creative-class-occupations/">"Talent in the (new) service economy: creative class occupations?" on the Coevolving Innovations web site</a></li> <li><a rel="nofollow" class="external text" href="https://www.weeond.com/post/servitization-measuring-value-for-the-customer-to-improve-strategy">Measuring value for the customer using conjoint analysis</a> a blog around servitization, impacts on marketing and operations strategy</li></ul> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style 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padding: .1em 0;"><a href="/wiki/Schools_of_economic_thought" title="Schools of economic thought">Schools</a><br />(<a href="/wiki/History_of_economic_thought" title="History of economic thought">history</a>)<br /></div></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Attention_economy" title="Attention economy">Attention</a></li> <li><a href="/wiki/Mainstream_economics" title="Mainstream economics">Mainstream</a></li> <li><a href="/wiki/Heterodox_economics" title="Heterodox economics">Heterodox</a></li> <li><a href="/wiki/American_School_(economics)" title="American School (economics)">American (National)</a></li> <li><a href="/wiki/Ancient_economic_thought" title="Ancient economic thought">Ancient thought</a></li> <li><a href="/wiki/Anarchist_economics" class="mw-redirect" title="Anarchist economics">Anarchist</a> <ul><li><a href="/wiki/Mutualism_(economic_theory)" title="Mutualism 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macroeconomics">Disequilibrium</a></li> <li><a href="/wiki/Ecological_economics" title="Ecological economics">Ecological</a></li> <li><a href="/wiki/Evolutionary_economics" title="Evolutionary economics">Evolutionary</a></li> <li><a href="/wiki/Feminist_economics" title="Feminist economics">Feminist</a></li> <li><a href="/wiki/Georgism" title="Georgism">Georgism</a></li> <li><a href="/wiki/Happiness_economics" title="Happiness economics">Happiness</a></li> <li><a href="/wiki/Historical_school_of_economics" title="Historical school of economics">Historical</a></li> <li><a href="/wiki/Humanistic_economics" title="Humanistic economics">Humanistic</a></li> <li><a href="/wiki/Institutional_economics" title="Institutional economics">Institutional</a></li> <li><a href="/wiki/Keynesian_economics" title="Keynesian economics">Keynesian</a> <ul><li><a href="/wiki/Neo-Keynesian_economics" class="mw-redirect" title="Neo-Keynesian economics">Neo-</a> (<a href="/wiki/Neoclassical_synthesis" title="Neoclassical synthesis">neoclassical–Keynesian synthesis</a>)</li> <li><a href="/wiki/New_Keynesian_economics" title="New Keynesian economics">New</a></li> <li><a href="/wiki/Post-Keynesian_economics" title="Post-Keynesian economics">Post-</a> <ul><li><a href="/wiki/Monetary_circuit_theory" title="Monetary circuit theory">Circuitism</a></li></ul></li></ul></li> <li><a href="/wiki/Malthusianism" title="Malthusianism">Malthusianism</a></li> <li><a href="/wiki/Marginalism" title="Marginalism">Marginalism</a></li> <li><a href="/wiki/Marxian_economics" title="Marxian economics">Marxian</a> <ul><li><a href="/wiki/Neo-Marxian_economics" class="mw-redirect" title="Neo-Marxian economics">Neo-</a></li></ul></li> <li><a href="/wiki/Mercantilism" title="Mercantilism">Mercantilism</a></li> <li><a href="/wiki/Mixed_economy" title="Mixed economy">Mixed</a></li> <li><a href="/wiki/Neoclassical_economics" title="Neoclassical economics">Neoclassical</a> <ul><li><a href="/wiki/Lausanne_School" title="Lausanne School">Lausanne</a></li></ul></li> <li><a href="/wiki/New_classical_macroeconomics" title="New classical macroeconomics">New classical</a> <ul><li><a href="/wiki/Real_business-cycle_theory" title="Real business-cycle theory">Real business-cycle theory</a></li></ul></li> <li><a href="/wiki/New_institutional_economics" title="New institutional economics">New institutional</a></li> <li><a href="/wiki/Physiocracy" title="Physiocracy">Physiocracy</a></li> <li><a href="/wiki/Socialist_economics" title="Socialist economics">Socialist</a></li> <li><a href="/wiki/Stockholm_School_(economics)" title="Stockholm School (economics)">Stockholm</a></li> <li><a href="/wiki/Supply-side_economics" title="Supply-side economics">Supply-side</a></li> <li><a href="/wiki/Thermoeconomics" title="Thermoeconomics">Thermo</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;"><a href="/wiki/Economist" title="Economist">Economists</a><br /></div></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bernard_de_Mandeville" class="mw-redirect" title="Bernard de Mandeville">de Mandeville</a></li> <li><a href="/wiki/Fran%C3%A7ois_Quesnay" title="François Quesnay">Quesnay</a></li> <li><a href="/wiki/Adam_Smith" title="Adam Smith">Smith</a></li> <li><a href="/wiki/Thomas_Robert_Malthus" title="Thomas Robert Malthus">Malthus</a></li> <li><a href="/wiki/Jean-Baptiste_Say" title="Jean-Baptiste Say">Say</a></li> <li><a href="/wiki/David_Ricardo" title="David Ricardo">Ricardo</a></li> <li><a href="/wiki/Johann_Heinrich_von_Th%C3%BCnen" title="Johann Heinrich von Thünen">von Thünen</a></li> <li><a href="/wiki/Friedrich_List" title="Friedrich List">List</a></li> <li><a href="/wiki/Fr%C3%A9d%C3%A9ric_Bastiat" title="Frédéric Bastiat">Bastiat</a></li> <li><a href="/wiki/Antoine_Augustin_Cournot" title="Antoine Augustin Cournot">Cournot</a></li> <li><a href="/wiki/John_Stuart_Mill" title="John Stuart Mill">Mill</a></li> <li><a href="/wiki/Hermann_Heinrich_Gossen" title="Hermann Heinrich Gossen">Gossen</a></li> <li><a href="/wiki/Karl_Marx" title="Karl Marx">Marx</a></li> <li><a href="/wiki/L%C3%A9on_Walras" title="Léon Walras">Walras</a></li> <li><a href="/wiki/William_Stanley_Jevons" title="William Stanley Jevons">Jevons</a></li> <li><a href="/wiki/Henry_George" title="Henry George">George</a></li> <li><a href="/wiki/Carl_Menger" title="Carl Menger">Menger</a></li> <li><a href="/wiki/Alfred_Marshall" title="Alfred Marshall">Marshall</a></li> <li><a href="/wiki/Francis_Ysidro_Edgeworth" title="Francis Ysidro Edgeworth">Edgeworth</a></li> <li><a href="/wiki/John_Bates_Clark" title="John Bates Clark">Clark</a></li> <li><a href="/wiki/Vilfredo_Pareto" title="Vilfredo Pareto">Pareto</a></li> <li><a href="/wiki/Eugen_von_B%C3%B6hm-Bawerk" title="Eugen von Böhm-Bawerk">von Böhm-Bawerk</a></li> <li><a href="/wiki/Friedrich_von_Wieser" title="Friedrich von Wieser">von Wieser</a></li> <li><a href="/wiki/Thorstein_Veblen" title="Thorstein Veblen">Veblen</a></li> <li><a href="/wiki/Irving_Fisher" title="Irving Fisher">Fisher</a></li> <li><a href="/wiki/Arthur_Cecil_Pigou" title="Arthur Cecil Pigou">Pigou</a></li> <li><a href="/wiki/Eli_Heckscher" title="Eli Heckscher">Heckscher</a></li> <li><a href="/wiki/Ludwig_von_Mises" title="Ludwig von Mises">von Mises</a></li> <li><a href="/wiki/Joseph_Schumpeter" title="Joseph Schumpeter">Schumpeter</a></li> <li><a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">Keynes</a></li> <li><a href="/wiki/Frank_Knight" title="Frank Knight">Knight</a></li> <li><a href="/wiki/Karl_Polanyi" title="Karl Polanyi">Polanyi</a></li> <li><a href="/wiki/Ragnar_Frisch" title="Ragnar Frisch">Frisch</a></li> <li><a href="/wiki/Piero_Sraffa" title="Piero Sraffa">Sraffa</a></li> <li><a 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