The New Economy Macroeconomics : the Late Golden “Age of Diminished Expectations”?



The remarkable economic success of the US in the late 1990s led many economists to talk about a 'New Economy', according to which technological advances had brought on a higher sustained level of productivity growth that allowed faster economic growth with less inflation, and very low unemployment. But given the events since 2000-the long, steep stock market downturn, the falloff in business investment and the subsequent recession-many questions arose based on whether anything in the New Economy view is valid. This essay provides a detailed overview of the main issues, many of them closely linked to the rise of the Internet.

Anahtar Kelimeler

New Economy; Productivity Growth; Information and Communication Technology (ICT)

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