The New Economy: Beyond the Hype
The OECD Growth Project
- Publication Date :
- 17 July 2001
- Pages :
- 64
- ISBN :
- 9789264033856 (PDF) ; 9789264187290 (print)
- DOI :
- 10.1787/9789264033856-en
In 2000 commentators everywhere were hailing the boom in some western economies as the dawn of a new economy. In 2001, with a slowdown biting in the US economy, dot.coms folding and information and communications technology firms feeling the pinch globally, the headline writers have swung the other way, saying that it was all a myth. Was it?
The New Economy: Beyond the Hype looks past the elation and gloom to help policymakers think and act with the facts. It explores the causes of the discrepancy in economic performance in the OECD area. It shows that while technology has had a pervasive and profound effect on economies and societies, it alone was not the reason for fast growth. What counts more is how that technology is put to work. The book argues forcefully that whatever the outlook for the business cycle, we are now faced with a new economic environment. It urges policymakers to adopt a comprehensive growth strategy combining five policy areas that can engage ICT, human capital, innovation and entrepreneurship in the growth process alongside policies to mobilise labour and increase investment for the long term. Naturally, good fundamentals -- macroeconomic stability, openness and competition, as well as sound economic and social institutions, and proper social protection -- are a prerequisite for success.
Table of Contents
Introduction
Chapter 1. Growth Patterns in the OECD Area
-Growth in the OECD Area Has Been Uneven
-What Explains the Differences?
-Summing Up
Chapter II. Seizing the Benefits of ICT
-ICT Has Contributed to Growth
-Competition Incentives for Innovations
-Building Confidencer in the Use of ICT
-Developing a Strong ICT Production Sector Is No Panacea
Chapter III. Harnessing the Potential of Innovation and Technology Diffusion
-The Importance of Innovation
-Creating Incentives for Innovation
-Ensuring the Generation of New Knowledge
-Making Government Funding More Effective
-Strengthening Interaction within the Innovation System
Chapter IV. Enhancing Human Capital and Realising Its Potential
-Renewed Emphasis on Human Capital as an Engine for Growth
-Strengthening Education and Training Systems
-Adapting Labour Market Institutions and Regulations to the Changing Nature of Work
-Bridging the Digital and Knowledge Divides
Chapter V. Fostering Firm Creation and Entrepreneurship
-Entrepreneurship Varies Across Countries
-Financing New Innovative Firms
-Facilitating Entrepreneurial Actvity
-The Role of Education and Training and Social Attitudes
Chapter VI. Getting the Fundamentals Right
-Sound Macroeconomic Policies
-Encouraging Openness
-Efficient Financial and Product Markets
-Well-Functioning Labour Markets and Social Protection
Conclusions
References