The New Economy and Economic Growth in Europe and the US

The strong productivity growth of the US and Scandinavian countries in Europe in the 1990s has raised the question whether the ICT sector - information and com munication technology (that is computers plus telecommunications plus digital services)-is the new driving engine of high growth in leading OECD countries. Judging by the empirical evidence for the US, including a new study by McKinsey which gives mixed evidence, it is still too early to clearly dismiss Robert G. Gordon's hypothesis that the acceleration of US output growth is (dis regarding quality problems of price measurement) exclusively due to cyclical factors and increased productivity growth in the computer sector. The counter hypothesis is associated with research by Stiroh and others who argue that there are positive productivity spillover effects from ICT to other sectors. Indeed, it is not clear ex ante whether mainly the Old Economy or the so-called New Economy stands to benefit most from high innovation rates and strong productivity shifts associated with the spreading of digital services. Interestingly, the increased eco nomic role of the internet also contributes to the internationalization of the econ omy since more services have become tradable, and growing import competition itself could stimulate productivity growth and thus contribute to higher growth. If ICT plays a key role in the new economy, there are important implications in the differential degree to which Germany and the US have implemented ICT.

Innovative and original research in Internet dynamics and growth in OECD countries Includes supplementary material: sn.pub/extras

Auteur
Paul J. J. Welfens, geb. 1957 in Düren, Studium der Volkswirtschaftslehre in Wuppertal, Duisburg und Paris, Promotion 1985, Habilitation1989. Inhaber des Lehrstuhls für Volkswirtschaftslehre - Schwerpunkt Makroökonomische Theorie und Politik an der Bergischen Universität Wuppertal; Präsident des Europäischen Instituts für Internationale Wirtschaftsbeziehungen (EIIW); Jean-Monnet-Professor für Europäische Wirtschaftsintegration; zuvor Distinguished Research Fellow am AICGS/The Johns Hopkins University, Professor an der Universität Münster bzw. Potsdam, Visiting Alfred Grosser Professor Sciences Po, Paris.

Contenu
A. Structural Changes and New Economy in the EU and the US.- B. Information & Communication Technology and Growth: Some Neglected Dynamic Aspects in Open Digital Economies.- C. The New Economy in Spain: Situation and Prospects.- D. Telecommunication Dynamics and Internet Expansion.- E. Telecommunications, Innovation and the Long-term Production Function: Theoretical Aspects and a Cointegration Analysis for West Germany 1960 1990.- F. Regional Policy in the New Economy.- G. Organizational Change, New Information and Communication Technologies and the Demand for Labor in Services.- H. The Effect of Restructuring the Organization of Production on Economic Growth.- I. Financing New Economy Firms.- J. Technology and Financial Markets.- K. Electronic Banking and Prudential Supervision.- L. Integrating Electronic Commerce Into the World Trading System: Issues and Challenges.- M. Governing the Cyber Space.- N. Growth and Change in the New Economy: Opportunities and Challenges.- O. Internet and the Environment.- P. International Information and Communications Technology Markets and Infrastructures: Some Comparative Statistics.- List of Figures.- List of Tables.- List of Contributors.