The New Economy and Economic Growth in Europe and the US

  • David B. Audretsch
  • Paul J. J. Welfens

Part of the American and European Economic and Political Studies book series (AMERICEUROP)

Table of contents

  1. Front Matter
    Pages I-XII
  2. Paul J. J. Welfens, David Audretsch
    Pages 1-6
  3. Manuel Balmaseda, Carmen Hernansanz, Angel Melguizo, Miguel Sebastian
    Pages 53-86
  4. David B. Audretsch, Charles F. Bonser
    Pages 129-160
  5. Matthias Bank
    Pages 217-224
  6. Michael Heise
    Pages 225-228
  7. Magdalene Heid
    Pages 229-251
  8. Jörn Kleinert, Daniel Piazolo
    Pages 271-292
  9. Hartmut Stiller
    Pages 307-323
  10. Back Matter
    Pages 343-353

About this book


The strong productivity growth of the US and Scandinavian countries in Europe in the 1990s has raised the question whether the ICT sector - information and com­ munication technology (that is computers plus telecommunications plus digital services)-is the new driving engine of high growth in leading OECD countries. Judging by the empirical evidence for the US, including a new study by McKinsey which gives mixed evidence, it is still too early to clearly dismiss Robert G. Gordon's hypothesis that the acceleration of US output growth is (dis­ regarding quality problems of price measurement) exclusively due to cyclical factors and increased productivity growth in the computer sector. The counter­ hypothesis is associated with research by Stiroh and others who argue that there are positive productivity spillover effects from ICT to other sectors. Indeed, it is not clear ex ante whether mainly the Old Economy or the so-called New Economy stands to benefit most from high innovation rates and strong productivity shifts associated with the spreading of digital services. Interestingly, the increased eco­ nomic role of the internet also contributes to the internationalization of the econ­ omy since more services have become tradable, and growing import competition itself could stimulate productivity growth and thus contribute to higher growth. If ICT plays a key role in the new economy, there are important implications in the differential degree to which Germany and the US have implemented ICT.


E-Business E-Commerce Economic Growth European Union (EU) Internet New Economy Telecommunications growth productivity statistics structural change

Editors and affiliations

  • David B. Audretsch
    • 1
  • Paul J. J. Welfens
    • 2
  1. 1.School of Public and Environmental AffairsIndiana UniversityBloomingtonUSA
  2. 2.European Institute for International European Relations (EIIW)University of PotsdamPotsdamGermany

Bibliographic information

  • DOI
  • Copyright Information Springer-Verlag Berlin Heidelberg 2002
  • Publisher Name Springer, Berlin, Heidelberg
  • eBook Packages Springer Book Archive
  • Print ISBN 978-3-642-07736-4
  • Online ISBN 978-3-540-24826-2
  • Buy this book on publisher's site
Industry Sectors
Finance, Business & Banking