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| Author: | Baily, M. N. Lawrence, R. Z. |
| Title: | Do We Have a New E-conomy? |
| Journal: | American Economic Review
2001 : MAY, VOL. 91:2, p. 308-312 |
| Index terms: | INFORMATION TECHNOLOGY INTERNET ECONOMIC CONDITIONS |
| Language: | eng |
| Abstract: | In this paper the authors argue that, correctly understood, there is a new e-conomy. In particular, there has been a substantial structural acceleration of total factor productivity (TFP) outside of the computer sector. And there is clear supportive evidence of an acceleration of productivity in service industries that are purchasing IT. In the conclusion the authors state that statements such as "the business cycle is dead", "all the old skills are obsolete", "only new companies can survive" and "the rules of economics have all changed" are all false, and any "new e-conomy" based on assuming they are true does not exist. However, there has been a wave of innovation, much of it tied to IT, driving greatly improved economic performance in the recent expansion, affecting old and new firms. |
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