The Experience Economy : A Business And Economics Book That Was Authored By Joseph Pine And Gilmore

The Experience Economy : A Business And Economics Book That Was Authored By Joseph Pine And Gilmore

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The Experience Economy: Work is Theatre and Every Business is a Stage is a business and economics book that was authored by Joseph Pine and James Gilmore. The main idea of the book focuses on the suggestion that businesses on a smaller scale and an entire economy runs on the concept of experience rather than just the simple exchange of products, services, and commodities, hence the term experience economy. Pine and Gilmore introduced the concept by briefly discussing the limitations that come with the rapidly aging agricultural economy. It can be recalled that prior to the industrial revolution and the development of modern economies, a large portion of private enterprise revenues came from farms and agricultural and commodities-related businesses. Then the industrial economy came, fueled by the popularization of the production line or the concept of mass production. The distribution and sales of industrial goods became a common business scenario. The agrarian economy proved to be stable (with minimal to flat growth annually, in the face of a rapidly growing industrial and manufacturing-based economy. Pine & Gilmore basically argued that the economic cycle favoring businesses that operate in the agrarian and industrial economy is already due for an overturn and that a new economic cycle favoring businesses operating in the service industry are now going to out-shadow these two primitive industries. It is important to note, however, that these transitions in economic cycles are not going to happen overnight or even in just a couple of years. It is going to take decades at the least before their real effects can be realized. But definitely, these trends can be studied and described using numbers. Numbers, after all, do not lie. The ...

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... experiential economics, get significantly different in a down-trending economic environment. These are so far the points that critics of the concept that Pine & Gilmore introduced raise.

All of these (positive and negative ones included) are valid points. However, so far, based on the evidences, there seems to be more merit on the positive notes and points about the experience economy than the negative ones. The market(s) is a continuously changing creature and there is no way to predict how it will transform in the future; the only option that one has is to study it retrospectively; that is, by backtracking on the events that happened in the past. Based on that process, it shows that the world of business is entering a new era or trend that should be favoring businesses that follows the experiential economics concept as presented by Pine & Gilmore in their work.

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