The New Economy: A European Perspective
The New Economy: A European Perspective
In this chapter, the account of the emergence of the new learning economy is based on research carried out within the framework of the European Commission's Targeted Socio–Economic Research (TSER) project ‘Technology and Employment’. In the first section, some aggregate economic evidence is briefly reviewed that shows a remarkable divergence in growth pattern between the USA, and Europe and Japan over the last decade. In the second section, some of the main new features of the economy as identified by Business Week (globalization and digitization) are reviewed. The third section discusses the challenges posed to traditional economic concepts, and in particular, to the functioning of markets by a more open, immaterial economy in which value generation is less related to material production than to information content, distribution, and consumer interaction. Lastly, some policy conclusions are drawn.
Keywords: digitization, economic growth, Europe, globalization, information, Japan, learning economy, markets, USA
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