Microeconomic Policies in the New Economy

Rune Stenbacka

No DP2001-73, WIDER Working Paper Series from World Institute for Development Economic Research (UNU-WIDER)

Abstract: The core industries of the new information economy are characterized by imperfect competition, asymmetric information or external effects. Thus, well-designed microeconomic policies, in the form of competition policies, technology policies or combinations of these, have strong potential of generating welfare improvements and promoting social efficiency. This paper emphasizes innovation-intensive competition, strong technological scale economies, network effects and complementarity between system components as characteristic features of the core industries in the information economy.

Keywords: Competition; Economic policy; Information technology; Technological innovations (search for similar items in EconPapers)
Date: 2001
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