The New Economy: facts, impacts and policies

Abstract The world economy is undergoing a fundamental structural change driven by the globalization of business on the one hand and by the revolution in information and communication technology on the other. The New Economy is the superior economic structure that is expected to arise as an outcome of these two forces. The papers is this special issue attempt to assess the significance of the New Economy, to estimate its impacts on economic growth, location of production and on income and wealth inequality, and to evaluate its prospects for economic development. Policies for promoting the New Economy are also discussed.