Sustainable Prosperity in the New Economy?

By William Lazonick

Over the past three decades, the information and communication technology (ICT) industries have propelled the growth of the U.S.economy. In the process there has been a dramatic transformation in the dominant mode of business organization that characterizes ICT, as the “New Economy business model” (NEBM) has replaced the “Old Economy business model” (OEBM). And although NEBM has been central to the microelectronics revolution, it has also been a source of employment instability and inequity in the distribution of income. Lazonick explores the origins of the new era of employment insecurity and income inequality, and considers what governments, businesses, and individuals can do about it. He also asks whether the United States can refashion its high-tech business model to generate stable and equitable economic growth…

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