Measuring the New Economy

Abstract

The new economy and the favorable economic conditions accompanying it have been the subject of considerable attention in the media, on Wall Street, among economists, at central banks and in government agencies. Although some seem to take it on faith that there is a permanent change in the economy powering the current expansion and stock market climb, many are scouring economic statistics for evidence on the importance of this new economy to economic performance and whether there really has been a fundamental and lasting change in the structure of the economy. This paper provides background information on the new economy and how it relates to BEA’s economic accounts. It is designed to answer the following questions: What is the new economy? Why is it important that the new economy be captured in GDP and BEA’s other economic accounts estimates? What do we know now about the size and impact of the new economy? Where does the new economy show up in the accounts? How well is the new economy recorded in the accounts? What should be BEA’s highest priority in improving the capacity of the accounts to

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