Service economy can refer to one or both of two recent economic
developments. One is the increased importance of the service sector in
industrialized economies. Services account for a higher percentage of US GDP
than 20 years ago. The current list of Fortune 500 companies contains more
service companies and fewer manufacturers than in previous decades.
The term is also used to refer to the relative importance of service in a
product offering. That is, products today have a higher service component
than in previous decades. In the management literature this is referred to
as the servitization of products. Virtually every product today has a
service component to it. The old dichotomy between product and service has
been replaced by a service-product continuum. Many products are being
transformed into services.
For example, IBM 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 price elasticity
of demand for "business solutions" is much less elastic than for hardware.
There has been a corresponding shift to a subscription pricing model. 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.
Full cost accounting and most accounting reform and monetary reform measures
are usually thought to be impossible to achieve without a good model of the
service economy.
From:
Wikipedia
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ECONOMY