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The Roots of the New Economy: An Institutional Perspective

  • Pascal Petit

    ()

The factors behind the emergence of the New Economy are still poorly understood. In this article, Pascal Petit from CEPREMAP and CNRS in France provides an institutional perspective on the developmental phases or roots of this New Economy. He analyzes the structural, institutional and organizational changes associated with the New Economy and based on these developments assesses whether an acceleration of productivity growth, the touchstone of the New Economy, is likely to occur in Europe and whether it can be sustained in the United States. Petit identifies three structural factors as preconditions for the development of the New Economy: the rise in educational levels; the internationalization of economic activity; and the development and diffusion of ICTs. He argues that these preconditions have been established in developed economies and that institutional changes such as product and labour market deregulation have served as catalysts for growth. He then looks at the role of work practices and organizational relations, such as inter-firm partnerships, that build on structural and institutional changes to foster the emergence of the New Economy. Based on the fundamental changes that have already occurred, he concludes that an acceleration in productivity in Europe is likely, as is a continuation of strong productivity gains in the United States.

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Article provided by Centre for the Study of Living Standards in its journal International Productivity Monitor.

Volume (Year): 4 (2002)
Issue (Month): (Spring)
Pages: 39-54

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Handle: RePEc:sls:ipmsls:v:4:y:2002:4
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  1. ?gel de la Fuente & Rafael Dom?ech, . "Human Capital In Growth Regressions: How Much Difference Does Data Quality Make?," UFAE and IAE Working Papers 446.00, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
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  5. Bisciari, P., 2001. "Nouvelle economie," Papers 14, Warwick - Development Economics Research Centre.
  6. Kevin J. Stiroh, 2001. "Is IT Driving the U.S. Productivity Revival?," International Productivity Monitor, Centre for the Study of Living Standards, vol. 2, pages 31-36, Spring.
  7. Jonathan Temple, 2000. "Growth Effects of Education and Social Capital in the OECD Countries," OECD Economics Department Working Papers 263, OECD Publishing.
  8. Giuseppe Nicoletti & Stefano Scarpetta & Olivier Boylaud, 2000. "Summary Indicators of Product Market Regulation with an Extension to Employment Protection Legislation," OECD Economics Department Working Papers 226, OECD Publishing.
  9. Andrew Sharpe, 2000. "The Productivity Renaissance in the U.S. Service Sector," International Productivity Monitor, Centre for the Study of Living Standards, vol. 1, pages 6-8, Fall.
  10. Giuseppe Nicoletti, 2001. "Regulation in Services: OECD Patterns and Economic Implications," OECD Economics Department Working Papers 287, OECD Publishing.
  11. Rauf Gönenç & Maria Maher & Giuseppe Nicoletti, 2000. "The Implementation and the Effects of Regulatory Reform: Past Experience and Current Issues," OECD Economics Department Working Papers 251, OECD Publishing.
  12. Jonathan Temple, 2000. "Summary of an Informal Workshop on the Causes of Economic Growth," OECD Economics Department Working Papers 260, OECD Publishing.
  13. Michael T. Kiley, 1999. "Computers and growth with costs of adjustment: will the future look like the past?," Finance and Economics Discussion Series 1999-36, Board of Governors of the Federal Reserve System (U.S.).
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