This paper provides background information on the new economy and how it relates to BEA’s economic accounts. It is designed to answer the following questions:
- What is the new economy?
- Why is it important that the new economy be captured in GDP and BEA’s other economic accounts estimates?
- What do we know now about the size and impact of the new economy?
- Where does the new economy show up in the accounts?
- How well is the new economy recorded in the accounts?
- What should be BEA’s highest priority in improving the capacity of the accounts to measure the new economy?
Presented at the May 5, 2000 meeting of the BEA Advisory Committee