New Economy

The past always looks good- the further back the past, the better. The further back past has been around longer than the recent past, and so has had greater opportunity to influence the world around us […] the new economy is not only or even primarily a change in cost conditions on the supply side, then affecting the rest of the economy that uses that technology. Instead, it is the change in the nature of goods and services to become increasingly like knowledge. […] this is not just to say those goods and services are science and technology intensive, but instead that their physical properties in consumption are the same as those of knowledge. […] They represent goods and services with the same properties as knowledge; they are increasingly important in value added, and they represent goods and services with whom a growing number of final consumers are coming into direct contact. [They are called] knowledge products. Danny Quah, 2002.

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