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1、PapertobepresentedattheDRUIDSummerConferenceon"IndustrialDynamicsoftheNewandOldEconomy-whoisembracingwhom?"Copenhagen/Elsinore6-8June2002THENEWECONOMY:WHATISNEWANDWHATISNOT?BoCarlssonDepartmentofEconomicsWeatherheadSchoolofManagementCaseWesternReserveUn
2、iversityCleveland,Ohio44106-7206,U.S.A.Tel.+1(216)368-4112;Fax(216)368-5039Bxc4@po.cwru.eduABSTRACTThereisnowmountingevidencethatsomethingnewhashappenedintheUnitedStateseconomyduringthelastdecade.Whileafive-yearperiodistooshorttorenderconvincingevidence
3、ofaNewEconomy–therehavebeenearlierperiodswithhigherproductivitygrowththaninthelate1990s–thereareseveralindicatorsthatsomethingdifferenthappenedduringtheU.S.businessexpansioninthe1990scomparedtothoseinthe1960sand1980s.Inthispaper,Iarguethattheobservedcha
4、ngesareatleastconsistentwiththeviewthatdigitizationofinformation,combinedwiththeInternet,representsaformofgeneral-purposetechnologythatisgivingrisetoavastnewarrayofpossiblecombinationsthatwemayrefertoastheNewEconomy.Thelevelofconnectivitybetweenactorsan
5、dideasisincreasingdramatically.Wehaveonlybeguntoseetheimpact,andonlypartofitismeasurableInterpretedinthisway,theNewEconomyisaboutdynamics,notstaticefficiency.WhatisreallynewintheNewEconomyistheInternet,anewlevelandformofconnectivityamongmultipleheteroge
6、neousideasandactors,givingrisetoavastnewrangeofcombinations.Therearesomemeasurableeffectsonproductivityandefficiency,butthemoreimportantlong-runeffectsarebeyondmeasurement.Whatisnotnew(butleveragedthroughtheInternet)aredigitizationofinformation(thishasb
7、eengoingonsincethearrivalofcomputersinthe1940s)andtheKnowledgeEconomy(theeconomyhasbecomemoreandmoreknowledge-intensivesincetheIndustrialRevolution).Keywords:NewEconomy;Internet;digitization,newcombinations,general-purposetechnologyJELCodes:L10,O3,O4Fir
8、stdraft.Pleasedonotcite.Commentsarewelcome.1THENEWECONOMY:WHATISNEWANDWHATISNOT?BoCarlssonWeatherheadSchoolofManagementCaseWesternReserveUniversityCleveland,Ohio44106-7206,U.S.A.INTRODUCTIONThereisnowmountingevidencethatsomething
