chapter  6
4 The Taiwanese experience: impact on production and trade
Pages 31

Accelerated economic growth in the United States in the 1990s has often been claimed to be a ‘new economy’ phenomenon. The new economy emphasises the importance of information and communication technology (ICT), human capital and innovation for economic growth. However, empirical support for the neweconomy phenomenon seems to be mixed. While earlier empirical studies had various explanations for Solow’s productivity puzzle,1 recent evidence supported the presence of a ‘new economy’ for the United States in the second half of the 1990s.2