New economy: Explosive growth driven by a productivity revolution?

Arbeitspapier

The discussion paper discusses the macroeconomic argument of a New Economy that is characterized by higher non-inflationary economic growth due to increases in productivity caused by the digital revolution. Besides presenting evidence put forward by mainstream protagonists of the New Economy, it explores an interpretation of the New Economy inspired by regulation theory. Specifically, it looks at the stability of a financeled regime of accumulation on the basis of the digital production paradigm. Some basic causal relationships of such a regime, especially the investment-profits, wealth-profits, and wealth-consumption connections, seem too fragile to be able to support the assertion that a stable new regime of accumulation has emerged. Furthermore, the New Economy thesis suffers from serious problems in measuring productivity in the service industries. Therefore, it seems just as plausible that the long “Clinton” expansion was a singular event made possible by the special position the U.S. enjoys in the world economy.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Series: WZB Discussion Paper ; No. FS II 01-204

Classification and Topics

• Classification: Sozialwissenschaften, Soziologie, Anthropologie
• Subject: Internet ; Kapitalismus ; Wirtschaftliche Instabilität ; Theorie ; USA ; New Economy

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Scherrer, Christoph
• Event: Veröffentlichung
• (who): Wissenschaftszentrum Berlin für Sozialforschung (WZB)
• (where): Berlin
• (when): 2001

Further information

• Handle: http://hdl.handle.net/10419/50752
• Last update: 10.03.2025, 11:41 AM CET