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The new economy - what is really new?

Author

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  • Siebert, Horst

Abstract

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.

Suggested Citation

  • Siebert, Horst, 2000. "The new economy - what is really new?," Kiel Working Papers 1000, Kiel Institute for the World Economy (IfW).
  • Handle: RePEc:zbw:ifwkwp:1000
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    File URL: https://www.econstor.eu/bitstream/10419/2480/1/kap1000.pdf
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    References listed on IDEAS

    as
    1. Elkin-Koren, Niva & Salzberger, Eli M., 1999. "Law and economics in cyberspace," International Review of Law and Economics, Elsevier, vol. 19(4), pages 553-581, December.
    2. Bart Hobijn & Boyan Jovanovic, 2000. "The information technology revolution and the stock market: preliminary evidence," Proceedings, Federal Reserve Bank of San Francisco, issue Apr.
    3. Jeffrey K. MacKie-Mason & Hal Varian, 1994. "Economic FAQs About the Internet," Journal of Economic Perspectives, American Economic Association, vol. 8(3), pages 75-96, Summer.
    4. Bart Hobijn & Boyan Jovanovic, 2001. "The Information-Technology Revolution and the Stock Market: Evidence," American Economic Review, American Economic Association, vol. 91(5), pages 1203-1220, December.
    5. Andrea Bassanini & Stefano Scarpetta & Ignazio Visco, 2000. "Knowledge technology and economic growth: recent evidence from OECD countries," Working Paper Research 06, National Bank of Belgium.
    6. Jonathan Coppel, 2000. "E-Commerce: Impacts and Policy Challenges," OECD Economics Department Working Papers 252, OECD Publishing.
    7. 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.
    8. 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.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Szalavetz, Andrea, 2002. "Az informatikai szektor és a felzárkózó gazdaságok
      [The informatics sector and the advancing economies]
      ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(9), pages 794-804.
    2. Gern, Klaus-Jürgen & Gottschalk, Jan & Kamps, Christophe & Sander, Birgit & Scheide, Joachim & Strauß, Hubert, 2000. "Weltwirtschaft unter Volldampf," Open Access Publications from Kiel Institute for the World Economy 2499, Kiel Institute for the World Economy (IfW).
    3. Laaser, Claus-Friedrich & Soltwedel, Rüdiger, 2001. "Raumstruktur und New Economy - zur Bedeutung von E-commerce für die Arbeitsteilung im Raum," Open Access Publications from Kiel Institute for the World Economy 2609, Kiel Institute for the World Economy (IfW).
    4. Klodt, Henning, 2001. "Die neue Ökonomie: Aufbruch und Umbruch," Open Access Publications from Kiel Institute for the World Economy 2575, Kiel Institute for the World Economy (IfW).

    More about this item

    Keywords

    IT products; productivity effects; impact on growth and on labor; regulation; taxation; new technology;

    JEL classification:

    • D2 - Microeconomics - - Production and Organizations
    • E1 - Macroeconomics and Monetary Economics - - General Aggregative Models
    • J2 - Labor and Demographic Economics - - Demand and Supply of Labor
    • D0 - Microeconomics - - General

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