ECONOMICS

A paradigm is a perception or a group of ideas about how things should be done, made, or
thought about. In other words, it's your perspective on the world, your point of view, or your
beliefs about what's true. A paradigm shift occurs whenever there's a significant change in the
way an individual or a group perceives something, and the old paradigm is replaced by a new
way of thinking, or a new belief. Your paradigm is your perception of the world, point of view,
or set of beliefs. Corporate paradigm shifts occur when corporations change their philosophies
regarding the best way to accomplish their goals, whether the changes come from within the
organization or from an external source such as a customer requirement. Paradigm shifts arise
when the dominant paradigm under which normal science operates is rendered incompatible
with new phenomena, facilitating the adoption of a new theory or paradigm. In organizations, it
sometimes difficult to handle a paradigm change because it may involve a total transformation
in terms of business strategies, techniques, operations, mission, and vision, among others.
Paradigm shifts often happen when new technology is introduced that radically alters the
production process or manufacturing of a good or service.

ECONOMICS 2

Your paradigm is your perception of the world, point of view, or set of beliefs. ... Corporate
paradigm shifts occur when corporations change their philosophies regarding the best way to
accomplish their goals, whether the changes come from within the organization or from an
external source such as a customer requirement. Paradigm shifts arise when the dominant
paradigm under which normal science operates is rendered incompatible with new phenomena,
facilitating the adoption of a new theory or paradigm. As one commentator summarizes: Kuhn
acknowledges having used the term "paradigm" in two different meanings