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Why the New Economy is a Learning Economy

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  • Bengt-Åke Lundvall

Abstract

In this paper it is shown that the intense focus on the new economy reflected real change as well as ‘hype’. The basic reason why new economy-growth could not be seen as sustainable is that introducing advanced technologies can only take place successfully when it is accompanied by organizational change and competence-building among employees. Any strategy that gives technology an independent role as problem-solver is doomed to fail. Danish data of a unique character are used to demonstrate that the key to economic performance is to promote learning at different levels of the economy. In the conclusion it is argued that there is a need for a new type of knowledge and learning oriented Keynesianism in order to get close to the kind of growth rates characterizing the high days of the new economy adventure in the US.

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File URL: http://www3.druid.dk/wp/20040001.pdf
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Bibliographic Info

Paper provided by DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies in its series DRUID Working Papers with number 04-01.

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Date of creation: 2004
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Handle: RePEc:aal:abbswp:04-01

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Web page: http://www.druid.dk/

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Keywords: New economy; competences; knowledge;

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  1. Bengt-ake Lundvall & Bjorn Johnson, 1994. "The Learning Economy," Industry and Innovation, Taylor & Francis Journals, vol. 1(2), pages 23-42.
  2. Bengt-Âke Lundvall & Peter Nielsen, 1999. "Competition and transformation in the learning economy - Illustrated by the Danish case," Revue d'Économie Industrielle, Programme National Persée, vol. 88(1), pages 67-89.
  3. Reinhard Lund & Allan Næs Gjerding, 1996. "The Flexible Company Innovation, Work Organisation and Human Ressource Management," DRUID Working Papers 96-17, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies.
  4. Reinhard Lund, 1998. "Organizational and Innovative Flexibility Mechanisms and their Impact upon Organizational Effectiveness," DRUID Working Papers 98-23, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies.
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