E-beam direct writing technology using cell projection method has brought high throughput of approximately 20 wafers per hour (6 inches). Because that the e-beam lithography has essentially several advantages of mask-less, high resolution, and flexible and high accurate patterning on wafers, the new e-beam system would be an important candidate of the lithography tool for the mass production of semiconductor devices ruled less than 0.3 pm.On the other hand, phase shifting reticles for stepper have still economic and technical problems such as design automation, inspection, repair and long stability. Deep UV (DUV) and X ray lithography have not brought sufficient results of actual devices.A hybrid system, consists of the high throughput e-beam direct writers to manage critical layers and optical steppers to operate other layers with conventional reticles, would be the most realistic and optimized model for the economic production over more than two generations. This paper describes the economy analysis of systems with "COO (Cost of Ownership) Model" using several parameters of throughput, feature size, defect size, equipment cost, variable cost, equipment utilization capability, reticle investment, and others.