The term of the new economy ( English for new economy / business ) is the transition from an economy based on commodity production is oriented to one based on services , particularly web-based services is aligned.
The advocates of the New Economy assumed that the industrial mass production of goods would become less important (see individualized mass production ) and that the previously valid basic assumptions of the capitalist economy would lose their meaning. The priorities would now be in the information economy , i. H. in the global competition for innovative ideas in the production, processing and dissemination of information and content ( content ), that intangible assets such. B. in the form of digital goods (software, music, videos). Physical work processes and sales channels would largely be overlaid by digital processes.
In contrast to classic economic theories - now pejoratively referred to as the old economy - the new economy no longer assumes that the scarcity of goods determines their price. In the New Economy, the price of a good only rises when it is universally available (or at least for a critical mass ). Particularly under the impression of the global networking of information systems ( Internet ), the theory of the New Economy is that communication devices can only be of benefit if they are universally available. While the goods of the classic economy, such as raw materials and industrial finished products, determine their value through their scarcity, the goods of the new economy determine their value primarily through the possibility of dissemination through globally accessible digital access or worldwide usable digital copies, the network effect and their degree of dissemination (see also Tipping point ). The goods of the New Economy are therefore primarily means of communication (telephone, fax, e-mail, online community ) that can only be used meaningfully when as many people as possible have access to them or use the means of communication.
This idea played an important role in the upswing of information technology companies in the late 1990s . Back then, investors invested large sums of money in order to secure innovative ideas and thus to get a head start in opening up new markets . New business start-ups in so-called future- oriented industries such as information technology , multimedia , biotechnology and telecommunications as well as producers of research-intensive products were characteristic of the New Economy .
With the end of this boom, the realization took hold that the digital revolution would not override the basic rules of capitalism . In this context, with the waning, the assessment also spread that a more or less strict separation between the new and “old economies” does not make sense. Established companies of the "old economy" also increasingly invested in areas that were previously considered typical of the new economy, such as B. Online portals and largely web-based services. Furthermore, a large number of business models of the New Economy turned out to be conceptual failures, which at the end of the high phase led to the bursting of the “ dot-com bubble ” and to penny stocks (shares with a market value of less than 1 dollar or 1 euro). With that, many of the dot-com companies that had often started promisingly disappeared again.
A newer area of research that also deals with the economic use of the Internet, the Internet economy .
Terms of the New Economy
Source: Small Lexicon of New Economy Language . Süddeutsche Zeitung Magazin, June 2, 2000, p. 17 f.
People of the New Economy
During the New Economy boom phase, the following entrepreneurs, among others, became well known in Germany: Thomas Haffa ( EM.TV ), Rudolf Zawrel ( Gigabell AG ), Lars Windhorst (Windhorst AG), Bodo Schnabel ( ComROAD AG ), Kim Schmitz "Kimble “ (Kimvestor), Alexander Falk ( ISION Internet AG ), Tan Siekmann ( Biodata ), Gerhard Schmid (Mobilcom), Peter Kabel (Kabel New Media AG) and Paulus Neef ( Pixelpark AG ).
- Georg Erber, Harald Hagemann, Markus Schreyer, Stephan Seiter: Productivity growth in the “New Economy”, transition phenomenon or structural break? In: Arne Heise (Ed.): USA - Model case of the New Economy. Metropolis-Verlag, Marburg 2001, ISBN 3-89518-353-9 , pp. 199-263.
- Georg Erber, Harald Hagemann: The New Economy in Crisis? , in: Wirtschaftsdienst, magazine for economic policy, 82nd volume (2002), no. 1, pp. 23–32. ( Download , PDF, 950 kB)
- Doug Henwood: After the New Economy. The New Press, New York 2003, ISBN 1-56584-770-9 .
- Henning Klodt: The new economy: manifestations, causes and effects. A study by Heinz Nixdorf, Springer Verlag, Berlin / Heidelberg 2003, ISBN 3-540-00342-8 .
- Michael Marti : The drug work . In: Der Spiegel . No. 25 , 2000, pp. 122 ( Online - June 19, 2000 ).
- Mathias Müller von Blumencron: Is the party over? In: Der Spiegel . No. 27 , 2000, pp. 88 ( Online - July 3, 2000 ).
- Ralph Pöhner: The new dot commanders , Die Weltwoche, issue 37/06, September 13, 2006
- Susanne Riewerts, Cord Twele: New Economy and US Economic Policy. FHWT discussion article No. W-2001-01, Vechta / Diepholz 2001 ( Download , PDF, 450 kB)
- The New Rich , Focus Online, May 8, 2000
- Wave of layoffs at US "dotcoms" , Spiegel Online, July 5, 2000
- "Dotcom" becomes a disgrace , Spiegel Online, July 6, 2000
- Dotcoms death list , Spiegel Online, July 7, 2000
- Dot.com Refugees: Escape to Corporate Security , Spiegel Online, November 7, 2000
- Internet statistics: "They read from coffee grounds" , Spiegel Online, November 23, 2000
- "Many just want to be hip" - Interview with the founder of Fuckedcompany.com, Spiegel Online, November 24, 2000
- Start ups: Application errors Article by Ulrich Hottelet in Tagesspiegel , September 22, 2001