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What became of the New Economy?

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  • John Kay

Abstract

Over the past five years, there have been widespread claims - not only that there is a ‘new economy’ but that a new economy requires new economics. This article reviews the claims of this kind which have been made in three principal areas - in the measurement of economic statistics and in macroeconomic management, in company and stock market valuations, and in the nature of competitive advantage and the origins of business success. In each of these areas, it finds little basis for believing that revolutionary, rather than evolutionary, change is required. Indeed the application of well established economic principles and concepts might have saved investors, commentators, and those whose job it is to manage the economy, from costly mistakes

Suggested Citation

  • John Kay, 2001. "What became of the New Economy?," National Institute Economic Review, National Institute of Economic and Social Research, vol. 177(1), pages 56-69, July.
  • Handle: RePEc:sae:niesru:v:177:y:2001:i:1:p:56-69
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    Cited by:

    1. Stanley C. W. Salvary, 2005. "Financial Accounting Information And The Relevance/Irrelevance Issue," Finance 0502016, EconWPA.
    2. Nicholas Oulton, 2004. "Productivity Versus Welfare; Or GDP Versus Weitzman's NDP," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 50(3), pages 329-355, September.

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