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Nouvelle économie

Author

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  • Patrick Bisciari

    () (National Bank of Belgium, Research Department)

Abstract

This article gives a general overview of the main issues covered in the literature on the new economy. The latter is defined as an economy in which the emergence of a new production sector, that of the Information and Communications Technologies (ICT), affects the growth rate of productivity in a sustainable way. The article briefly outlines the sector's characteristics, and more specifically its weight within the main economies. Within the theoretical framework of growth accounting, it can be demonstrated that ICT can have an impact on labour productivity through three transmission channels: the ICT capital intensity; the total factor productivity (TFP) in the ICT-producing sector; and the TFP in the ICT-using sectors. Various empirical surveys have been recently conducted into the role of the new economy in the United States, which differs from most other countries in that it has overall achieved a faster development of ICT and recorded better macroeconomic performances throughout the nineties. They conclude that ICT account for most - if not all - of the acceleration of labour productivity growth which has been observed in this country between the first and the second half of the nineties, thanks to the contribution of the first two aforementioned transmission channels. The presence of the third channel, i.e. the diffusion to the whole economy of technical progress that is not embodied in the ICT capital goods, remains however a matter of controversy. The question of the technological shock's long-term sustainability is also dealt with. Special attention is given to certain theories based on vintage-capital models and Schumpeterian models, which offer an explanation both for the slowdown of productivity observed in the United States in the seventies and for its more or less recent acceleration. Finally, mutual relations between the new economy and economic policy are also discussed.

Suggested Citation

  • Patrick Bisciari, 2001. "Nouvelle économie," Working Paper Document 14, National Bank of Belgium.
  • Handle: RePEc:nbb:docwpp:200104-14
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    File URL: https://www.nbb.be/doc/oc/repec/docwpp/wp14.pdf
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    Cited by:

    1. Hélène Baudchon & Olivier Brossard, 2003. "Definitions and Measures of ICT Impact on Growth: What is Really at Stake?," Documents de Travail de l'OFCE 2003-01, Observatoire Francais des Conjonctures Economiques (OFCE).
    2. Patrick Bisciari & Alain Durré & Alain Nyssens, 2003. "Stock market valuation in the United States," Working Paper Document 41, National Bank of Belgium.
    3. Geert Langenus, 2006. "Fiscal sustainability indicators and policy design in the face of ageing," Working Paper Research 102, National Bank of Belgium.
    4. Pascal Petit, 2002. "The Roots of the New Economy: An Institutional Perspective," International Productivity Monitor, Centre for the Study of Living Standards, vol. 4, pages 39-54, Spring.
    5. Yannick LUNG (E3i, IFReDE-GRES & GERPISA), 2005. "The link between the diversity of productive models and the variety of capitalisms," Cahiers du GRES (2002-2009) 2005-17, Groupement de Recherches Economiques et Sociales.
    6. Luc Aucremann & David Cornille, 2001. "Attractive prices and euro-rounding effects on inflation," Working Paper Document 17, National Bank of Belgium.

    More about this item

    JEL classification:

    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • L96 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Telecommunications

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