The debate surrounding the new economy: an approach for an analysis

Abstract

The current debate over the possible existence of a 'new economy' calls for an interpretation and analysis of the phenomenon from various points of view. Thus, the first part of the article contains a description of some of its main characteristics viewed both from the microeconomic and macroeconomic perspective. The fundamental role of Information and Communications Technology (ICT) is highlighted in both cases. The second part of the article discusses the major problems involved in measuring this phenomenon and the available data relating to it. This gives an indication not only of the importance of 'the new economy' but also of the difficulties involved in estimating its dimensions.