The digital economy is the online sphere of the global economy, where goods and services are marketed and sold via the internet. These economic activities began shifting to the internet in the mid-1990s, as digital technology made it possible for consumers and traditional companies to conduct business virtually from almost anywhere in the world.
Reflecting on the prescient nature of his work in 2014, Tapscott said that while the digital economy was once distinguishable from the larger economy, it is now inextricably linked. 'I think the digital economy for me was separate from the real economy 20 years ago but now the economy is a digital economy,' Tapscott told The Irish Times.
The digital transformation of the era also introduced a slate of new digital services, from web design to online banking. This digital shift has vastly expanded the scope of economic activity, allowing for more innovation and engagement throughout various sectors.
While the digital economy has myriad benefits, it also comes with its own challenges and drawbacks. Understanding both sides of the digital landscape is crucial for consumers and businesses alike.
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