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The "new economy" and catching-up potential of transition economies

Author

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  • Marcin Piatkowski

Abstract

The contribution of the 'new economy' to economic growth in developing countries has so far been minimal. The 'old economy' will for long be the fundamental force behind economic growth in transition economies. Nonetheless, in the longer run the 'new economy' offers great potential for faster economic growth in post-socialist economies. Realizing this potential is, however, not automatic. It can be left unharnessed if there is no suitable institutional infrastructure, which would allow for adoption, diffusion, and productive use of information and communication technologies (ICT). The paper introduces a New Economy Indicator (NEI) measuring the level of preparedness of transition economies for harnessing the potential of ICT to accelerate the long-term economic growth and catching-up with developed countries. In the NEI ranking Slovenia scored the highest, followed by the Czech Republic and Hungary, Albania, Bosnia and Herzegovina, while Yugoslavia occupy the bottom of the table.

Suggested Citation

  • Marcin Piatkowski, 2003. "The "new economy" and catching-up potential of transition economies," Prague Economic Papers, University of Economics, Prague, vol. 2003(1).
  • Handle: RePEc:prg:jnlpep:v:2003:y:2003:i:1:id:205
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    More about this item

    Keywords

    economic growth; post-communist transition; new economy; information and communication technologies;

    JEL classification:

    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development
    • O2 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy
    • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights
    • O5 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies

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