The New Economy

Myth and Reality

Bibliographic Data

ID22744783
AuthorsThe Editors (corresponding author)
Year2001
Volume52
Issue11
Pages1
Publication date2001-04-01
Peer ReviewedYes
Open AccessNo
TypeARTICLE
VenueMonthly Review (JOURNAL)
Journal identifiersISSN: 0027-0520 • E-ISSN: 0027-0520
PublisherMonthly Review Foundation (PUBLISHER)
DOI10.14452/mr-052-11-2001-04_1
OpenAlexW4210842241
LanguageEN
Citations received4

In the last few years the idea of a "New Economy" has gained wide currency, almost rivaling "globalization" as a neologism that characterizes our era. Thus The Economic Report of the President, 2001, begins: "Over the last 8 years the American economy has transformed itself so radically that many believe we have witnessed the creation of a New Economy." This New Economy is seen, first and foremost, as consisting of those firms and economic sectors most closely associated with the revolution in digital technology and the growth of the Internet. The rapid convergence of information technologies—including computers, software, satellites, fiber optics, and the Internet—has, it is believed, fundamentally altered the economic landscape. Since the mid-l990s, these revolutionary technological developments have, it is argued, spilled over into the wider economy, generating higher productivity growth, a sustained acceleration of economic growth, lower unemployment, lower inflation, and an attenuation of the business cycle.This article can also be found at the Monthly Review website, where most recent articles are published in full.Click here to purchase a PDF version of this article at the Monthly Review website.

Business cycle · Convergence (economics) · Currency · Digital economy · Economic growth · Economics · Economy · Information economy · Keynesian economics · Macroeconomics · Modernization theory · Mythology · New economy · Political science · Productivity · The Internet · Unemployment · Economic Growth and Productivity · History · Regional Development and Policy

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