What do We Know about the New Economy?

  • Karl Aiginger


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.


Welfare State General Purpose Technology Information Technology Society European Welfare State Product Market Regulation 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.


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  1. Aiginger, K., Growth difference between Europe and the US in the nineties: causes and likelihood of persistence, Stanford University, European Forum Working Paper, 2002, (1).Google Scholar
  2. Aiginger, K., The New European Model of the Reformed Welfare State, Stanford University, European Forum Working Paper, 2002, (2).Google Scholar
  3. European Commission, Competitiveness Report 2001, Brussels, 2001.Google Scholar
  4. Geroski, P., The Public Policy Challenge of the New Economy (in this volume)Google Scholar

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© Springer Science+Business Media New York 2003

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  • Karl Aiginger

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