Abstract
After reading two annual reports from the US Department of Commerce on the digital economy, I have gained a new perspective on the New Economy emerging in America. Developed countries, led by the US, have entered a New Economy era. Meanwhile, several new terms have been coined to describe this phenomenon, including “knowledge economy,” “digital economy,” and “internet economy.” An economic perspective on and analysis of the New Economy is conducive for us to understand this trend and how it will affect future developments in economics.
This article was the foreword to the Chinese version of The Emerging Digital Economy II (Washington DC: US Department of Commerce, 1999), published by Nanjing University Press in 1999. It was also reprinted under the title, “Economic Analysis of the New Economy” in Jianghai Journal, 1 (2001), pp. 12–18.
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Notes
- 1.
The Emerging Digital Economy II, p. 1.
- 2.
Testimony of Chairman Alan Greenspan, “High-Tech Industry in the U.S. Economy,” before the Joint Economic Committee, U.S. Congress, June 14, 1999.
- 3.
The Emerging Digital Economy II, p. 1.
- 4.
The Emerging Digital Economy I.
- 5.
According to the data used by Masahiko Aoki in his paper, from 1990 to 1997, there were 21,000 businesses registered in Santa Clara, Silicon Valley, only 7,000 of which survived. See Comparisons of Economic and Social Systems, 1 (2000), pp. 18–35.
- 6.
John Wall, President of NASDAQ International, revealed that 1999 saw a new high in dollar volume traded on the NASDAQ—US$11 trillion. The volume of shares traded averaged over a billion daily, with over 5,000 companies listed. As a result, the NASDAQ index surged by 86 %, outpacing the NYSE Index of 9 % and Dow Jones Index of 25 %.
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Hong, Y. (2016). The New Economy and Its Influence. In: The China Path to Economic Transition and Development. Springer, Singapore. https://doi.org/10.1007/978-981-287-843-4_9
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DOI: https://doi.org/10.1007/978-981-287-843-4_9
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