What do We Know about the New Economy?
Quite a few attempts have been made to define the “New Economy”. One indirect approach is to stress the two input factors which increasingly shape developed economies: knowledge-based services and information and communication technology (ICT). Another line is to stress the interrelated changes in technology, organisation and consumption that came up in the last decade of the twentieth century. Paul Geroski offers a third definition which is very nice and easy: he defines the New Economy by the existence of two sectors; for him, “New Economy” is information and communication technology (ICT) plus life sciences. Countries with large shares of these two industries in production and consumption are frontrunners in the New Economy.
KeywordsWelfare State General Purpose Technology Information Technology Society European Welfare State Product Market Regulation
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