Hostname: page-component-84c44f86f4-pqzqq Total loading time: 0 Render date: 2025-10-14T12:31:42.483Z Has data issue: false hasContentIssue false
  • English
  • Français

The ‘New Economy’ : The Role of Policies and Institutions*

Published online by Cambridge University Press:  17 August 2016

Alain Quinet
Alain Quinet*
Affiliation:
Direction de la Prévision, Ministère français de l’Economie, des Finances et de l’Industrie
Get access

Summary

The most important claim of the ‘new economy’ is that a new wave oftechnologies is lifting potential GDP. The effects were first seen in theUnited States. In the first half of the nineties, information andcommunication technologies (ICT) stimulated capital accumulation andemployment, without any visible impact on productivity growth - theso-called ‘Solow paradox’. Starting in the middle of the decade, thelong-awaited increase in productivity growth at last came about: from 1995to 2001, average labour productivity in the US grew at 2.4%, one percentagepoint above the rate that prevailed between 1973 and 1995.

Information

Type
Epilogue
Information
Recherches Économiques de Louvain/ Louvain Economic Review , Volume 68 , Special Issue 1-2: The New Economy: Implications and Viability , 2002 , pp. 257 - 269
Copyright
Copyright © Université catholique de Louvain, Institut de recherches économiques et sociales 2002 

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

Article purchase

Temporarily unavailable

Footnotes

*

The views expressed here are those of the author and do not necessarily reflect those of the ministry

References

Acemoglu, D. (2000), “Technical Change, Inequality and the Labor Market”, NBER working paper n°7800.Google Scholar
Aghion, P. and Howitt, P. (1992), “A Model of Growth through Creative Destruction”, Econoetrica, LX, 323–52.Google Scholar
Askenazy, P. and Gianella, C. (2001), “Le paradoxe de productivité: les changements organisationnels, facteur complémentaire à l’innovation”, Economie et statistique n°339–340.Google Scholar
Bartel, A. and Lichtenberg, F. (1987), “The Comparative Advantage of Educated Workers in Implementing New Technology”, Review of Economics and Statistics, 49:1–11.Google Scholar
Bartelsman, E. and Doms, M. (2000), “Understanding Productivity: Lessons from Longitudinal Microdata”, Journal of Economic Literature, vol. XXXVIII, n°3.Google Scholar
Bassanini, A. S. Scarpetta, S. and Visco, I. (2000), “Knowledge, technology and economic growth: recent evidence from OECD countries”, OECD working paper n°259.Google Scholar
Brynjolfsson, E. and Hilt, L. (2000), “Beyond Computation: Information Technology, Organizational Transformation and Business Performance”, Journal of Economic Perspectives, vol. 14, n°4.Google Scholar
Caballero, R. and Hammour, M. (1996), “On the Timing and Efficiency of Creative Destruction”, Quarterly Journal of Economics, 111: 805–852.Google Scholar
David, P. (1990), “The Dynamo and the Computer: an Historical Perspective on the Modern Productivity Paradox”, The American Economic Review, vol. 80, n°2, pp. 355–361.Google Scholar
Greenwood, J. Hercowitz, Z. and Krussel, P. (2000), “The role of investment-specific technological change in the business cycles”, European Economic Review 44, 91–115.Google Scholar
Greenwood, J. and Yorokoglu, M. (1997), “1974” - Carnegie-Rochester Conference Series on Public Policy, vol.46, pp 465–68Google Scholar
Haltiwanger, J. (2000), “Aggregate Growth: What have we learned from microeconomic evidence?”, OECD working paper n°267Google Scholar
Helpman, E. and Trajtenberg, X. (1994), “A Time to Sow and a Time to Reap: Growth Based on General Purpose Technologies”, NBER working paper n°4854.Google Scholar
Kaldor, N (1961), “Capital Accumulation and Economic Growth” in Lutz, F. and Hague, D, Eds, The Theory of Capital, 177–222, New York, St Martin’s press.Google Scholar
Katz, L. and Murphy, K. (1992), “Changes in Relative Wages, 1963–87: Supply and Demand factors”, Quaterly Journal of Economics 107: 35–78.Google Scholar
Layard, R., Nickell, S. and Jackman, R. (1991), Unemployment: Macroeconomic Performance and the Labour Market, Oxford University Press.Google Scholar
Nelson, R. and Phelps, E. (1996), “Investment in Human, Technological Diffusion and Economic Growth”, American Economic Review, 56: 69–75.Google Scholar
OECD (2001), A New Economy: The Changing Role of Innovation and Information Technology in Growth, Paris, OECD.Google Scholar
Quah, D. (1999), “The Weightless Economy in growth”, The Business Economist 30, 40–53.Google Scholar
Solow, R. (1956), “A Contribution to the Theory of Economic Growth”, Quaterly Journal of Economics 70, n°1, pp. 56–94.Google Scholar
Tinbergen, J. (1975), Income Distribution Analysis and Policy, North-Holland.Google Scholar
Wood, A. (1994), North-South Trade, Employment and Inequality, Oxford, Clarendon.Google Scholar