new economy Definition | Business Dictionaries from AllBusiness.com
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Business Definition for: new economy
new economy

the new, digital economy driven by industrial information technology, much of which is related to telecommunications such as the Internet-a technology that, many argue, has a huge potential to transform the engineering industry. In the new economy, production and distribution systems are automated, computer-based systems. The old economy, classical or traditional, is undergoing sweeping changes through the speed and efficiency brought by applications of information technology and the Internet.

Copyright © 2005, 2000, 1995, 1987 by Barron's Educational Series, Inc., Reprinted by arrangement with Publisher.

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