THE “NEW ECONOMY” AND THE BUSINESS CYCLES
Mihaela Ifrim ()
The Annals of the "Stefan cel Mare" University of Suceava. Fascicle of The Faculty of Economics and Public Administration, 2009, vol. 9, issue Special, 147-153
In the last years a lot was said and written about the “new economy”, term that almost emulated „globalization” in the range of neologisms. This was partly because the performances of the United States economy from the ‘90s, which made many analysts to believe they were in the front of a new era, one of an endless prosperity. The “new economy”, which was based especially on the informational technologies, was considered the miracle of a continuous growth, uninterrupted by cyclical declines. Its enthusiasts believed in the elimination of the business cycle from the reality of the informational economy, the cycle representing only a relic from the manufacturing past. But despite of this, the economy proved to follow the same old rules about expansion and recession, and even the optimism which is specific to every growth period follows itself the same cyclical rules. The two most important crises of the last decade, the one from 2000 and the one which begun in 2008 demonstrates that the economy respects the same old rules of boom and burst and that the “new economy” was only a long expansion which fully benefited by technological innovations.
Keywords: „new economy”; informational technologies; economic growth; business cycle; dot.com crisis; housing crisis (search for similar items in EconPapers)
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