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dc.contributor.authorPiatkowski, Marcinen_US
dc.description.abstractThe contribution of the ‘new economy’ to economic growth in developing countries has so far been minimal. Despite the recent hype, the ‘old economy’ will for long be the fundamental force behind economic growth in transition economies. Nonetheless, in the longer run the ‘new economy’ offers great potential for faster economic growth in postsocialist economies. Realizing this potential is however not automatic. It can be left unharnessed if there is no suitable institutional infrastructure, which would allow for adoption, diffusion, and productive use of information and communication technologies (ICT). The paper constructs a New Economy Indicator (NEI) measuring the level of preparedness of transition economies for harnessing the potential of ICT to accelerate the long-term economic growth and catching-up with developed countries. In the NEI ranking Slovenia scored the highest, followed by the Czech Republic and Hungary. Albania, Bosnia and Herzegovina, and FR Yugoslavia occupy the bottom of the table. Similarity of the NEI results with the Global Competitiveness Report 2001 suggests that fundamentals responsible for the development of both the ‘new’ and the ‘old’ economy are largely the same. Hence, there is no ‘new’ or ‘old’ economy: there is only one economy where old recipes for development still apply.en_US
dc.publisherUNU-WIDER Helsinkien_US
dc.relation.ispartofseriesWIDER Discussion Papers // World Institute for Development Economics (UNU-WIDER) 2002/62en_US
dc.subject.keywordpost-communist transitionen_US
dc.subject.keywordnew economyen_US
dc.subject.keywordeconomic growthen_US
dc.subject.stwNew Economyen_US
dc.titleThe new economy and economic growth in transition economies: The relevance of institutional infrastructureen_US
dc.typeWorking Paperen_US
Appears in Collections:WIDER Discussion Papers, United Nations University (UNU)

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