The emergence of the New Economy is a phenomenon characterized by the emergence of new actors operating under new rules that demand new institutions. It is an economy led by new emblematic sectors that shift the entrepreneurial focus towards new goals and operates in a new geopolitical equilibrium.
Virtually none of the elements that make up the landscape of the new economy (actors, institutions, rules or sectors) is necessarily new for entrepreneurs or unknown to citizens. Many of them are even familiar to us.
However, these elements only reach paradigmatic value when we observe them together and their interactions are determined and operative. The new economy is the result of the changes that take place, at the same time, in all these fields and in the way they reinforce and strengthen each other.
The magnitude of the changes is such that they begin to have an impact on economic theory proper, as is the case with the Theory of revealed preference; it would no longer be necessary to infer the function and utility of a consumer, it would be enough to see what it does on the web.
The famous magazine “The Economist” published an article where a Nobel Prize in economics predicted that the information registerd by the web could influence the theoretical assumptions that describe the consumer with a set of fixed preferences, perfect information and capacity to maximize in any circumstance.
When we speak of the emergence of a New Economy, we do not mean that a model of economic organization replaces another one once and for all, but that a process marked by the eventual and gradual enrichment of the existing economic organization by the new emerging developments.
Through a torrent of simultaneous technological innovations in various fields of science, the New Economy fertilizes the existing economic organization with the emergence of new elements, until its physiognomy is completely changed.
