Question by  worker8259 (68)

What is the "old economy" in PA?

What are they talking about?


Answer by  coffins (75)

In Pennsylvania, the "Old Economy" refers to the 16 acres of historic landmark sites in Ambridge where the Harmony Society adapted their religious fortitude and economic determination, specifically in textiles, during the early to mid 19th century.


Answer by  waskasoo (471)

When economists speak of the "old economy" they are referring to industry that may have been common for the last century, particularly manufacturing and associated processes. Examples might include car assembly and the steel industry. The "new economy" would include knowledge-based industry, like consulting, software engineering, programming and other similar activities.


Answer by  elb (1105)

The Old Economy primarily consisted of the purchase and sale specific material goods ("stuff") and services; this economy grew as the amount or value of the goods and services grew. The "New" economy consists buys and sells investment entities loosely connected to the goods and services, like derivatives and mortgages. Their value is harder to determine, and little regulation exists.

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