Was ist wirklich neu an der “New Economy”?

Abstract

Abstract This economic policy forum is assigned to the question “What is really new about the New Economy”? Michael Wither argues that the truly novel element of the New economy is the close interaction of three aspects: structural change, innovation and economic policy. This new facet adds to the increasing improvement of economic performance, accompanied by levelled inflation rates. The current process can be observed especially in the US. The author demonstrates that the revolution of information technology is a necessary explanation for the phenomenon “New Economy”, which however does not deal with all the relevant aspects. Furthermore, Hüther refers to the coherences between technological change and reduced volatility of macro-economic indicators in the US. He then states that an appropriate economic policy, in particular a monetary policy, is needed to describe the outstanding economic performance associated with the New Economy. Norbert Szyperski shows in his article that the New Economy is basically the consequence of the revolution of information technology. The main effect of the latter is the infrastructural change taking place in three areas: transport, finance and information. According to the author, this new infrastructure is accessible for everyone and induces new products and services. Due to this change, the IT revolution also affects competition. Hence, the author concludes that there really is a new aspect to the New Economy. In his contribution, Andreas Freytag starts by discussing the elements of the New Economy. In particular, the Information Technology (IT) sector is new and possesses the potential of having positive effects on economic growth. However the author argues that there is more to the New Economy than merely the IT sector. To concentrate economic policy on fostering IT could inflict the danger of creating structural problems for the future. Thus, the New Economy seems to be a macro-economic phenomenon: the economy is growing rapidly with small fluctuation and low inflation. Furthermore, Freytag demonstrates that although the elements of the New Economy are novel, the policy implications are not. To be able to implement it in Germany, old policies, as e.g. deregulation, opening markets, etc. are called for - the exact measures which ensured the prosperity of the Old Economy.