Throughout history, technological developments have acted as a catalyst to bring about economic changes. The beginning of the new economy’ is one such example. Beginning in the 1990s, this economy has endured and continues to impact the lives of people the world over. Moreover, the transition from the old to the new economy has mandated the need for a different skill set among job seekers to make them more suitable to the requirements of the new time. Hence, to succeed in the ever-changing new economy it is important to understand it and its accruing implications on the social and economic life of people.