The article studies basic hypotheses underling the New Economy concept
within the framework of standard economic theory. Empirical data on the
US economy suggest that the recent increase of the rate of labour productivity
growth and the corresponding rise of economic growth rate were transitive
rather than permanent. The old inverse relationship between unemployment
and wage inflation is still in place. Nevertheless, the recent advances
in information technologies and fast growth of the Internet may have an
appreciable influence on macroeconomic variables. Finally, a number of
mechanisms of such an influence are proposed.
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