The New Economy ; What Is Really New?
This paper analyzes some of the elements of the new economy. What is really new is first of all the technological innovation. In economic terms what is new is a new product. The new IT product brought about by the new technology means two different things: a new device to handle data and to communicate and a new good "information". This should lead to an increase of productivity, to a larger production potential and to a higher growth rate. The new economy has implications for capital markets and especially for labor. Major issues are regulation and taxation.
|Date of creation:||Aug 2000|
|Date of revision:|
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- Sanjeev Dewan & Chung-ki Min, 1997. "The Substitution of Information Technology for Other Factors of Production: A Firm Level Analysis," Management Science, INFORMS, vol. 43(12), pages 1660-1675, December.
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"Economic FACs about the Internet,"
94-05, Michigan - Center for Research on Economic & Social Theory.
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3786-95., Massachusetts Institute of Technology (MIT), Sloan School of Management.
- Erik Brynjolfsson & Lorin Hitt, 1996. "Paradox Lost? Firm-Level Evidence on the Returns to Information Systems Spending," Management Science, INFORMS, vol. 42(4), pages 541-558, April.
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- Bart Hobijn & Boyan Jovanovic, 2000. "The Information Technology Revolution and the Stock Market: Evidence," NBER Working Papers 7684, National Bureau of Economic Research, Inc.
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