Reflections on the "Old" Economy, "New" Economy, and Services

ABSTRACT  Economic competitiveness now has less to do with new materials than with new ways of producing, utilizing, and combining diverse knowledges. It is branded as symptomatic of a “new” economy and is often juxtaposed against the “old” economy. As accelerating technological change has greatly i...

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Bibliographic Details
Published in:Growth and change 2004-04, Vol.35 (2), p.115-138
Main Author: DANIELS, P.W.
Format: Article
Language:English
Subjects:
Cities and towns
Competition
Competitiveness
Economic conditions
Economic theory
Economics
Information technology
Innovation
Knowledge
Regional studies
Research and development
Service industries
Technological change
Urban studies
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Summary:ABSTRACT  Economic competitiveness now has less to do with new materials than with new ways of producing, utilizing, and combining diverse knowledges. It is branded as symptomatic of a “new” economy and is often juxtaposed against the “old” economy. As accelerating technological change has greatly increased the volume and quality of the information available to organizations, to firms, and to individual employees, it is asserted that the economy has become more “new” than “old.” But this is predicated on the assumption that there is a “new” economy and that it is somehow distinguishable from the “old.” This paper explores the basis for this dichotomy and whether it really adds anything to understanding contemporary economies and their ongoing development. It will be argued that it is more useful and constructive to examine the economy through a lens dominated by service industries that are now the key drivers of change (innovation, competition, employment) and development. The paper is concluded with a discussion of some items that could usefully be part of an agenda for further research by economic geographers on the evolving spatial and structural attributes of service work and organizations and their impact on cities or regions at different scales of analysis.
ISSN:0017-4815
1468-2257
DOI:10.1111/j.0017-4815.2004.00242.x