Institution(s): School of Economics and Finance, Hong Kong Institute of Economics and Business Strategy

Date: Mar 19, 2001 (Monday)

Time: 05:30 pm - 06:30 pm

Venue: Rayson Huang Theatre, The University of Hong Kong, Pokfulam Road, Hong Kong

Medium: English

Fee: Free of Charge

Abstract:

Because the New Economy is so intertwined with Information and Communications Technology, we are primed to consider New Economy developments as technology-driven, productivity-altering, supply-side changes. We then want New Economy developments to do what all technical progress has historically done. We emerge disappointed when we find productivity has not skyrocketed, inflation has not disappeared forever, business downturns have not vanished, and financial markets have not remained stratospheric.

This lecture argues that the most profound changes in the New Economy are not productivity or supply-side improvements, but instead consumption or demand side changes. The lecture summarizes the case for the importance of technological progress in economic growth, argues why the New Economy differs, and draws lessons from economic history to highlight potential pitfalls and dangers as the New Economy continues to develop.

Danny Quah is Professor of Economics at the London School of Economics and Political Science (LSE). He is associated with the Technology and Growth Program at the LSE's Centre for Economic Performance, and serves on the Academic Panels of Her Majesty's Treasury and the Office for National Statistics in the United Kingdom. In 1998, the Andrew W. Mellon Foundation awarded him a grant to study the weightless economy and the economics of information technology. His academic research has been further supported by awards from the British Academy, the U.K. Economic and Social Research Council, and the MacArthur Foundation. In economics, he has made contributions in a number of areas, ranging from time-series econometrics, business cycles, inflation, and international income inequality to, most recently, technology and economic growth. He also contributes to public understanding of economics, especially on technology, through regular public lectures and commentaries on economic development in newspapers and on radio and television.

More:

Professor Danny Quah
Left to Right: Dr. Wing Suen, Prof. Danny Quah, Mr. Lee Jark Pui, and Prof. Y.C. Richard Wong