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Does the Traditional Economics Help Us to Understand the "New Economy"?
Abstract
The paper seeks to find out whether changes that in the recent years had taken place in the U.S. are justified to be called the "new economy". Furthermore, the paper discusses the role of the traditional economic theories in analysis of the phenomenon of the "new economy".
The introduction to the paper is followed by presentation of diverging ideas and opinions about the essence of the "new economy". The paper then looks at arguments supporting the idea that the Internet revolution has created a new economic growth paradigm, which can not be explained by traditional theories. The next part of the paper deliberates the potential role of macroeconomic policies in promotion of the new technologies. It also discusses the ongoing debate on the impact of the "new economy" on productivity. The final part strives to explain the phenomenon of uniquely positive relations between inflation, unemployment and economic growth. The paper concludes with final remarks.
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