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Q: "New Economy" ( Answered 4 out of 5 stars,   3 Comments )
Question  
Subject: "New Economy"
Category: Business and Money
Asked by: feder-ga
List Price: $5.00
Posted: 03 Nov 2002 11:26 PST
Expires: 03 Dec 2002 11:26 PST
Question ID: 97421
Who coined the notion of a "New Economy" referring to the structural
changes in the world market broad about by the collapse of communist
economies and the emerging information and communications
technologies? Where was the term first used, in this sense?
Answer  
Subject: Re: "New Economy"
Answered By: secret901-ga on 03 Nov 2002 14:23 PST
Rated:4 out of 5 stars
 
Hello feder,
Thank you for an interesting question.  After searching on Google, I
found out that the term "New Economy" was coined by Business Week
magazine in the "mid-1990s" [1], and found one article published in
2001 that indicated that the term was coined "4 years ago" [2].
With this in mind, I searched the archives of the magazine for
articles containing the term and published between 1990 and 1997. 
After sifting through all the irrelevant articles, I found one that
capitalized the term, and used it in its current sense.  It was an
editorial in the September 23, 1996 issue of Business Week, entitled
"Zero Inflation is Not Worth the Risk."  The term "New Economy" was
used seven times in the 630-word article.  Most of those uses used
"New Economy" as an adjective, as shown by the following:
"New Economy types," "New Economy wing," "New Economy folks," "New
Economy argument," "New Economy view," "New Economy CEOs."  The only
use of "New Economy as a noun was in the following sentence:
"But given the five-year success of the New Economy -- great corporate
profits, big capital spending, and very low unemployment at a cost of
a bare uptick in inflation -- the pain of getting to zero isn't worth
it."

Thus, the term "New Economy" was coined by Business Week magazine on
September 23, 1996.  The term was first used on page 170 of the issue.

I hope that answers your question.  If you need clarification, please
request for it before rating this answer and I'll be happy to clarify.
secret901-ga

Sources:
[1] http://www.etla.fi/english/research/programs/program3.php3
[2] http://www.glocom.org/books_and_journals/journal_abstracts/20020430_ja_s58/

Search strategy:
"New Economy was coined"
"New Economy" "Business Week" coined

Clarification of Answer by secret901-ga on 03 Nov 2002 15:35 PST
Hi feder,
In response to revbrenda1st's comment, I would like to note that the
term "new economy" had been used in Business Week magazine earlier
than 1996, but it was never capitalized, and usually referred to A new
economy instead of a definitive THE new economy.
Hope that resolves the issue.
secret901-ga
feder-ga rated this answer:4 out of 5 stars
Good and reasonably accurate answer.

Comments  
Subject: Re: "New Economy"
From: revbrenda1st-ga on 03 Nov 2002 14:56 PST
 
Hi feder,

In fact, the term was coined by Michael Mandel.

"The man who coined the word `New Economy' in 1995 - Michael Mandel,
economics editor at Business Week - attempts to answer those questions
in his book 'The Coming Internet Depression'."

New Vs Old - Chetan J. Parikh
http://www.capitalideasonline.com/chetan/new_old.html

Regaeds,
revbrenda1st
Subject: Re: "New Economy"
From: revbrenda1st-ga on 05 Nov 2002 15:54 PST
 
Dear secret-ga,

I apologize. I found the information I posted while the topic was
locked. (It wasn't locked when I started, though.) I wanted to know
the answer myself! Since I had a name, I thought I'd share it with
everyone. My intention was not to upstage you or to be a 'showoff.'
All I wanted to do was to find the name for my own personal
satisfaction. I also apologize for using the comments forum in this
way, but I know of no other way to contact you.
Subject: Re: "New Economy"
From: secret901-ga on 05 Nov 2002 17:02 PST
 
Hi revbrenda1st,
Don't worry.  Your excellent comments are being noticed by us Google
researchers. :-)

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