There are as many opinions on the “new economy” as there are economists – in fact, probably more. But amidst all the hype on the one hand and the outright scepticism on the other, there has apparently been a beacon light to guide the path for sceptics and enthusiasts alike – namely the official statistics for US growth in general and productivity growth in particular. As the latter has picked up impressively in recent years so, it has seemed, has the credibility of the new economy and everything that rests upon it.
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