ニュー・エコノミーとアメリカ経済 [in Japanese] The New Economy of the United States [in Japanese]
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欧文抄録: p. 174
The "New Economy" can be defined as the phase of an economy based on the IC or ICT sectors' technological breakthrough since the 1980s in the United States. The accelerated productivity growth after 1995, which departed from the lower historical trend, has been interpreted by scholars as the first sign of the new economy's taking hold in America. This paper deals with the evolution of economics as represented by the new growth theory that will be necessary to analyze the unprecedented phenomena, and with the close connection of technological innovation and the successive financial bubble. The "new era" of the 1920s and the Great Depression of 1929 may be understood as a forerunner of the ICT economy after 1980s. The "general purpose technology (GPT)" of the 1920s was electricity, and first it attracted attentions of many investors, then the equity boom itself became the focus of speculation which finally led the economy into a real panic. This time, although the Internet or Computer as GPT has been playing the role of core technology development, its true value for the new economy should be cautiously redefined.
- Economic journal of Chiba University
Economic journal of Chiba University 26(2), 47-83, 2011-09