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The Distincs Differences Between Old And Emerging Economy

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  • Radislav Jovovic
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    Abstract

    This paper is focused on a new economic reality.The purpose of this paper is to contribute analysis of the fundamental shift that is taking place in economy. This shift is from the neoclassical economy to the "new economy". While changes have been happening and policy makers have made a plea for guidance in the era of new economy, scholars have been slow to respond. This paper attempts to identify and articulate differences between old and new reality in economy. We do this by contrasting the most fundamental elements of the newly emerging reality with those of the old economy. We identify the very significant departure from neoclassical economy and we can admit that the new objective of ideas is necessary to explain the real contrast two polar worlds. The common thread throughout these trade-offs is the increased role of knowledge, information and technological improvements.

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    Bibliographic Info

    Article provided by Economic Laboratory for Transition Research (ELIT) in its journal Montenegrin Journal of Economics.

    Volume (Year): 1 (2005)
    Issue (Month): 1 ()
    Pages: 139-150

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    Handle: RePEc:mje:mjejnl:v:1:y:2005:i:1:p:139-150

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    9. Jaffe, A.B. & Trajtenberg, M., 1992. "Geographic Localization of Knowledge Spillovers as Evidenced by Patent Citations," Papers 14-92, Tel Aviv.
    10. Audretsch, David B & Stephan, Paula E, 1996. "Company-Scientist Locational Links: The Case of Biotechnology," American Economic Review, American Economic Association, vol. 86(3), pages 641-52, June.
    11. Noland, Marcus, 1993. "The Impact of Industrial Policy on Japan's Trade Specialization," The Review of Economics and Statistics, MIT Press, vol. 75(2), pages 241-48, May.
    12. Richard R. Nelson, 1981. "Assessing Private Enterprise: An Exegesis of Tangled Doctrine," Bell Journal of Economics, The RAND Corporation, vol. 12(1), pages 93-111, Spring.
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