Digital Social Market Economy — Towards a New Economic System

Paul Welfens

A chapter in Digital Economic Dynamics, 2007, pp 25-61 from Springer

Abstract: Abstract The expansion of the information and communication technology (ICT) in the 1990s has raised new challenges for OECD countries and Newly Industrializing Countries. With a share of about 10% in the US, Germany and Scandinavia, the ICT sector is still rather small, but its sustained technological and economic dynamics clearly influence overall structural change in a decisive way. High US economic growth in the 1990s and some EU countries has largerly been attributed to ICT whose expansion requires a high share of skilled labour and strong emphasis on innovations so that research and development (R&) become more important. Since ICT facilitates production of many new varieties, represents network effects in ceratin sectors and stimulates innovation, it has those ingredients considered particularly important in the New Growth Theory.

Keywords: Product Innovation; Demand Curve; Network Effect; Monopoly Price; Universal Service (search for similar items in EconPapers)
Date: 2007
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-540-36030-8_3

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DOI: 10.1007/978-3-540-36030-8_3

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