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Article: Subsistence in the Computer Era.(the new economy)
- Article from:
- Journal of Economic Issues
- Article date:
- June 1, 2001
- Author:
CopyrightCOPYRIGHT 2001 Association for Evolutionary Economics. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The long economic expansion has been widely celebrated as evidence of a New Economy. According to the promoters of the New Economy idea, the technological advances of the computer era are finally coming to fruition. US Treasury Secretary Lawrence Summers called the New Economy "Schumpeterian" due to the "avalanche" of creative destruction (Summers 2000). Fed Chair Alan Greenspan noted that the world's output now weighs less because we are moving to an economy based on information (quoted in Rifkin 2000, 31). New York Times columnist Thomas Friedman wrote of remote Chinese villages connecting to the Internet and buying foreign securities (Friedman 2000). These trends are ...