The New Economy Business Model and Sustainable Prosperity

65 Pages Posted: 21 May 2008

See all articles by William Lazonick

William Lazonick

University of Massachusetts Lowell; The Academic-Industry Research Network; Instiitute for New Economic Thinking

Abstract

The Internet boom of the last half of the 1990s seemed to herald the arrival of a "New Economy" with its promise that, after the stagnation of the early 1990s, innovation in information and communication technologies (ICT) would regenerate economic prosperity. The subsequent collapse of the Internet boom at the beginning of the 2000s called into question the New Economy's ability to deliver on this promise - and even raised questions about whether there had really been anything "new" about the economy of the late 1990s after all. Perhaps the journalist John Cassidy (2002) was correct to entitle his well-documented book on the Internet boom "dot.com: the greatest story ever sold". If the "New Economy" was just all smoke and mirrors, one would expect that, once the debris left behind by the storm of speculation and corruption had been cleared away, economic life would return to what it had been before the boom took place.

Suggested Citation

Lazonick, William, The New Economy Business Model and Sustainable Prosperity. 2008 Industry Studies Conference Paper. Available at SSRN: https://ssrn.com/abstract=1134982 or http://dx.doi.org/10.2139/ssrn.1134982

William Lazonick (Contact Author)

University of Massachusetts Lowell ( email )

1 University Ave
Lowell, MA 01854
United States

The Academic-Industry Research Network ( email )

12 Newport Road
Porter Square
Cambridge, MA 02140
United States

HOME PAGE: http://www.theAIRnet.org

Instiitute for New Economic Thinking ( email )

300 Park Avenue South, 5th Floor
New York, NY 10010
United States

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