If they do not change with society they are likely to fail. Morelli explains that change occurs all the time in many ways. People and industries are too caught up with doing things in a certain way, a way they have known to work in the past, but this simply does not last. As society changes, so needs the industries surrounding it as well. Morelli confronts this issue by stating “the region reshapes itself every year”, as these changes occur, so do the industries around it. This idea makes complete sense. As new innovations are introduced to increase production, industries will begin using these ideas to increase their production and reduce cost. Companies within these industries that do not use this technology will fail, because other competitors can provide the same services at a cheaper cost. Change and adaptation must occur, and smart individuals are the ones who push for this …show more content…
It employed over 62,000 employees and dominated this industry. As time progressed, as did the technology in this industry. Today Kodak only employees roughly 7,000 employees. The reason for this downfall was the inability for kodak to adapt with the current market. Competitors such as Nikon and Canon began switching from film photography to digital photography. As kodak made no changes to their industry, they quickly fell to the bottom as their competitors rose. Therefore, adaptation is incredibly important. New technology pushes industries to adapt. Morelli states this by explain “The forces of attraction anchor skilled labor and specialized services, but the exact kind of skills and services evolve over time, following the changing terrain of the technological frontier”. As I stated earlier, for this to occur, there need to be educated smart individuals that understand the ever-changing economy. The fact is, that there are simply not many of these people, and the individuals that do fall under this category congregate in certain areas, because that is where the jobs