Growth in China’s New Economy

New economy in growth and development

The benefits from the New Economy should accrue as improvements in productivity and economic growth. But while the use of information and communication technology seems to have had a substantial impact on the performance of the United States economy, the evidence for other countries is much weaker. This study does not find any significant correlation between ICT investment and economic growth i...

Productivity Growth and the New Economy By

Productivity Growth and the New Economy

Globalization and growth in emerging markets and the New Economy

Not long ago, everyone was talking about the New Economy. Recent events — notably the global economic slowdown and a possible impending war — have crowded out discussions of the New Economy. To be sure, some of the rosy scenarios portrayed at the time — most notably, that the New Economy portended the end of the business cycle — seem curiously dated. Indeed, in terms of the gap between the econ...

Interpreting Productivity Growth in the New Economy: Some Agnostic Notes

The growth rate of total factor productivity seems to have increased recently, at least in the United States. Higher US productivity growth may justify higher stock market valuations than in the past and thus herald an emerging New Economy. However, the size of the estimated growth rate of total factor productivity depends on an assumption about the factor-augmenting properties of technological...