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Deregulation, privatization and internationalization of the telecommunications industry has brought about enormous changes within both the European and world economy. The dynamics of the Internet and the recent wave of innovations in the telecommunications and computer industry have given rise to new opportunities for entrepreneurship, employment and growth. No doubt, the dynamics and imperfections of today`s information markets raise crucial challenges for Western Europe. The changing patterns of innovation in the digital economy have forced governments to consider new strategies to promote innovation, network effects and growth. In response to these developments this text presents new approaches to macroeconomic modelling, growth theory and trade analysis. Still further, the deregulation policies of OECD-countries are analyzed. An indispensible text for academics and professionals who want to deepen their knowledge of how the New Economy revolution continues to change the economy.
List of contents
A. Telecommunications and the Internet Boom: Analysis and Economic Perspectives.- 1. Trends in ICT Markets.- 2. Towards a New Economy.- 3. Boom in Telecommunications in the OECD.- 4. Internet Economics and the Digital Divide within the OECD.- 5. Telecoms Modernization, Productivity and Growth.- 6. Computer Lag, Network Fragmentation and Education Deficits: Policy Challenges in a European Perspective.- Appendix I: Accounting for the US Productivity Acceleration in the 1990s.- Appendix II: Relative Price of ICT Capital to Price of Capital and Growth Rates of ICT Capital Formation and Non-ICT Capital Formation in the US.- B. The Internet in Macroeconomic Analysis and Growth Analysis.- 1. Short Term and Long Term Aspects.- 2. The Internet in Macroeconomic Analysis.- 3. Internet, Telecommunications and Economic Growth.- 4. Internet, Innovativeness and the Real Exchange Rate.- 5. Information & Communication Technology and Growth: Some Neglected Dynamic Aspects in Open Digital Economies.- C. Telecommunications Policy in the European Union.- 1. Introduction.- 2. Changes in the Telecommunications Sector.- 3. Traditional and New View of Telecommunications.- 4. Competition in Network Industries.- 5. Regulatory Issues.- Appendix I: Monopoly Versus Competition in International Telephony.- Appendix II: Deregulation Dynamics.- Appendix III: External Effects of Telecoms Network Expansion.- Appendix IV: Transfer of Market Power in Interdependent Markets.- Appendix V: Telecommunications and Trade: Theory, Gravity Equation Analysis and Implications for Economic Policy.- D. Transatlantic Growth Differentials, ICT Dynamics, Fiscal Policy and Innovation Policy.- 1. Euro Weakness and Transatlantic Growth Differentials.- 2. Theoretical Analysis.- 3. Some Long Term Aspects.- 4. Internet, Telecommunications and Innovation.- 5. ICT Dynamics and Economic Policy.- 6. Innovation Policy Challenges.- Appendix I: Data from IMF Economic Outlook 2001 (or website).- Appendix II: A Simple Model of an Economy with Information.- Appendix III: Innovation, Savings and Growth.- List of Figures.- List of Tables.- References.
About the author
Paul J. J. Welfens, geb. 1957 in Düren, Studium der Volkswirtschaftslehre in Wuppertal, Duisburg und Paris, Promotion 1985, Habilitation1989. Inhaber des Lehrstuhls für Volkswirtschaftslehre - Schwerpunkt Makroökonomische Theorie und Politik an der Bergischen Universität Wuppertal; Präsident des Europäischen Instituts für Internationale Wirtschaftsbeziehungen (EIIW); Jean-Monnet-Professor für Europäische Wirtschaftsintegration; zuvor Distinguished Research Fellow am AICGS/The Johns Hopkins University, Professor an der Universität Münster bzw. Potsdam, Visiting Alfred Grosser Professor Sciences Po, Paris.
Summary
Deregulation, privatization and internationalization of the telecommunications industry has brought about enormous changes within both the European and world economy. The dynamics of the Internet and the recent wave of innovations in the telecommunications and computer industry have given rise to new opportunities for entrepreneurship, employment and growth. No doubt, the dynamics and imperfections of today`s information markets raise crucial challenges for Western Europe. The changing patterns of innovation in the digital economy have forced governments to consider new strategies to promote innovation, network effects and growth. In response to these developments this text presents new approaches to macroeconomic modelling, growth theory and trade analysis. Still further, the deregulation policies of OECD-countries are analyzed. An indispensible text for academics and professionals who want to deepen their knowledge of how the New Economy revolution continues to change the economy.
