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“The New Economy”

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  • Atanas Leonidov

Abstract

Discussed are key aspects of the new economy of USA. Cleared out is the content of the term. Analyzed are the dynamics and factors of the economic growth and the labor productivity, the contribution of the information technologies to its fastening from the beginning of the 90s until now. Reviewed are the views for the potential of the new economy (D. Jorgenson and K. Stiroh, R. Gorden, M. Baily and R. Lawrence). The new economic phenomenon is estimated as a result mostly of the activity of the long-term structural changes. The most important characteristics of the new economy is the tendency towards comparatively sustainable fastening of the labor productivity, which maintained also in 2001 – 2002, i.e. in the conditions of recession. The article presents results from the individual research project “Policy of Economic Growth in the Developed Countries: Theoretical Bases and Practice” – Institute of Economics at BAS.

Suggested Citation

  • Atanas Leonidov, 2003. "“The New Economy”," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 2, pages 3-33.
    • Handle: RePEc:bas:econst:y:2003:i:2:p:3-33
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    References listed on IDEAS

    as
    1. Robert J. Gordon, 2004. "Five Puzzles in the Behavior of Productivity, Investment, and Innovation," NBER Working Papers 10660, National Bureau of Economic Research, Inc.
    2. MartinNeil Baily & Robert Z. Lawrence, 2001. "Do We Have a New E-conomy?," American Economic Review, American Economic Association, vol. 91(2), pages 308-312, May.
    3. Robert J. Gordon, 2000. "Does the "New Economy" Measure Up to the Great Inventions of the Past?," Journal of Economic Perspectives, American Economic Association, vol. 14(4), pages 49-74, Fall.
    4. William D. Nordhaus, 2002. "Productivity Growth and the New Economy," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 33(2), pages 211-265.
    5. Dale W. Jorgenson, 2001. "Information Technology and the U.S. Economy," Higher School of Economics Economic Journal Экономический журнал Высшей школы экономики, CyberLeninka;Федеральное государственное автономное образовательное учреждение высшего образования «Национальный исследовательский университет «Высшая школа экономики», vol. 5(1), pages 3-34.
    6. Kevin J. Stiroh & Dale W. Jorgenson, 1999. "Information Technology and Growth," American Economic Review, American Economic Association, vol. 89(2), pages 109-115, May.
    7. Dale W. Jorgenson & Kevin J. Stiroh, 2000. "Raising the Speed Limit: U.S. Economic Growth in the Information Age," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 31(1), pages 125-236.
    8. Stephen D. Oliner & Daniel E. Sichel, 2000. "The Resurgence of Growth in the Late 1990s: Is Information Technology the Story?," Journal of Economic Perspectives, American Economic Association, vol. 14(4), pages 3-22, Fall.
    9. Martin Neil Baily, 2001. "Macroeconomic Implications of the New Economy," Working Paper Series WP01-9, Peterson Institute for International Economics.
    10. Robert J. Gordon, 2003. "Hi-tech Innovation and Productivity Growth: Does Supply Create Its Own Demand?," NBER Working Papers 9437, National Bureau of Economic Research, Inc.
    11. Martin Neil Baily, 2002. "Distinguished Lecture on Economics in Government: The New Economy: Post Mortem or Second Wind?," Journal of Economic Perspectives, American Economic Association, vol. 16(2), pages 3-22, Spring.
    12. Margaret K. Burke & Michael A. Kouparitsas, 1998. "A new paradigm for the U.S. economy?," Chicago Fed Letter, Federal Reserve Bank of Chicago, issue Oct.
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    More about this item

    JEL classification:

    • O38 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Government Policy
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence

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