Dear John Kay

23rd December 1999

The New Economy is a fuzzy phrase. Sometimes it implies unprecedented technological change. At other times it simply means the exceptionally good behaviour of the American economy. I would argue that although the current US boom will come to an end, new technology is going to raise the growth rate of developed economies. This is more heroic than it sounds because a small difference in growth rates compounds into big differences in living standards over decades. It also implies-as did earlier waves of new technology-big changes to the way we live and work.

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