Today there are many questions about the nature and the future of the so-called 'new economy'. The term 'new economy' itself has acquired a variety of quite different connotations. For many commentators, it continues to refer primarily to the altered macroeconomic performance of the US economy...

Technological dualism often is found to be associated with the geographical clustering of firms that use the same techniques. To shed further light on these localization phenomena, we analyze the long-run dynamic behavior of a system in which firms' choices among alternative production methods...

The term path dependence (PD) here refers to a dynamic property of allocative processes, pertaining to non-ergodic stochastic systems -- those whose asymptotic distributions evolve as a function of the history of the process itself. PD is shown to be neither necessary nor sufficient for the...

A marked acceleration of total factor productivity (TFP) growth in U.S. manufacturing followed World War I. This development contributed substantially to the absolute and relative rise of the domestic economys aggregate TFP residual, which is observed when the growth accounts for the first...

Economic growth thus far has been closely linked to the bulk conversion of energy stored in carbon based fuels (wood, coal, oil, natural gas) into useful work. Burning such fuels gives rise to CO2-emissions. These emissions, together with other greenhouse gasses (GHG's) like methane, are now...