European Journal of Economic and Financial Research
ISSN: 2501-9430
ISSN-L: 2501-9430
Available on-line at: http://www.oapub.org/soc
10.5281/zenodo.210391
Volume 1│Issue 1│2016
MACRO ECONOMIC EFFECTS OF THE NEW ECONOMY
Ömer Yilmazi, Kübra Karayilan
Gaziantep University, Nizip Vocational School, Turkey
Abstract
Looking at the recent developments in the field of science and technology it seems that
it is a very rapid transformation. This transformation affects many aspects of the society
such as economic, social, prosperity, communication, but this paper will focus
especially on the economic effects of scientific and technological developments. Looking
at the countries that are leading the world economy it is inevitable that the common
aspects of these countries are in the field of information and technology. Many things in
the world are changing very quickly now. This change has been observed in this report
on the basis of some macroeconomic indicators that the countries that have been in a
better position to succeed in the economic arena have not succeeded in this change or
those that are late in making up. Especially the efforts of countries such as USA, China,
Japan, which are a serious force in the world economy, have shown the most important
differences in science and technology from other countries played an important role. In
this study, it was tried to determine the level of the role of scientific and technological
developments in developments in the world economy by using macroeconomic
indicators in general. This study also analyzed the countries' R & D expenditures,
Technology levels, Welfare levels, growth and development rates.
Keywords: employment, economic growth, foreign trade, economy knowledge
1. Introduction
It is seen that the significant changes taking place in the information and
communication sectors in the world economy, especially developed countries have
caused various effects on macroeconomic indicators directly or indirectly recently.
Depending on these effects, a lot of concepts in economic fields have lost their previous
impacts level due to the meaning change. It is noticed that the new concept is being
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stated in various terms, such as innovation economy and knowledge economy in
economy literature.
There have been serious changes in economy thanks to the characteristic of
knowledge disseminated among countries quickly and in low cost. It is seen that the
new technologies based on knowledge in the world is one of the crucial reasons why
information is so important. Also, it is noticed that the economic products including
higher percentage of information cause changes in the basis of economies. Today, it is
highly remarkable that the industrial working class, known as Blue Collar, gives way to
the information workers. (Özgüler, 2002).
It is important to observe and assess the sociological, economic, political and
technological improvements of both developed and developing countries in 21 st
century. For this reason, countries should ask themselves what the other countries are
doing for a better economy and what they can do. They should also observe the changes
in the world economy and try to anser the questions of how to be a developed country,
as well as how to reach a higher level in terms of economy. While doing so, they should
not consider it just a plan but to put it into practice carefully. It is seen that information
and technology based economies are used effectively when the economy of developed
countries are taken into account.
In this study, the changes in the field of knowledge and technology will be dealt
with and these changes will be assessed under the name of innovation economy and
knowledge economy.
2. The New Economy
Information economy is defined as a new economy with knowledge based. The
information economy seems to contain important elements suitable for the world
conjuncture. It is observed that just as information is the main focus of activities carried
out, it is also information that differentiates the competitive environment. The main two
factors of the information economy are the information and communication
technologies. The information economy is a long and comprehensive process involving
the processes of information delivery, processing and transformation as well as
distribution processes. It appears that information has begun to play an important role
in effectively integrating human, physical and information capital in the field of
information economy. The economic system, in which economic events are carried out
on the basis of information, emerges as a knowledge economy. The information
economy is called a new order that brings the economic basis of the global integration
ideal known as globalization. The New Economy is known by many names and many
concepts such as information economy, network economy, digital economy, new
economy, intellectual capital terms are used in this sense. (Özgüler, 2002).
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Some market observations it might look as if there is a new economy. But could
it just be a new sphere for value creation? The so-called intangible sphere or intellectual
capital sphere. (Edvinsson, 2000).
The concept of the New Economy has become one of the most debated and on
the agenda since the late 1990s. Despite the fact that there are many studies by scientists
specializing in the new economy, it seems that there is no complete consensus about the
concept of the New Economy and the content of the New Economy. In the same way, it
seems that the debates that are constantly present in the field of New Economy have
failed, because the concept of New Economy has different meanings to different people.
Some experts seem to favor the New Economy concept from a broad perspective,
including the notion of globalization and deregulation, while others view intensive
investments in information and communication technologies as positive effects on
productivity and growth (Saatcioğlu,
.
When we look at the definitions made about the new economy concept, it is
stated that the new economy includes growth, minimum inflation, minimum
unemployment level, and broad meaning such as globalization, as well as the fact that
knowledge is the most important production factor. It is possible to summarize what
areas the new economy concept covers in the main headings “kyazı and Kalça,
.
The new economy:
Increased partnerships to access to new markets,
The access of the new firms and products to markets suddenly, and the direct
communication with the customers,
Being able to present the new products into market in the same opportunities for
the firm making themselves accept in the market and supplying a significant
amount of profit for Entrepreneurs and investors,
Offering Growing international trade and increasing direct capital and low
national tariffs,
The existence of easier, less costly and lifelong learning opportunities,
Offering facilities such as shopping at home, communication, bill payment, trade
or holiday planning.
The concepts of science, technology and innovation are intertwined. The increase
in one of these concepts depends on the rise of the others. From this point of view, there
is a complete coherence between innovation policies and science, as well as technology
policies. Often science and technology policies, naturally, seem to include the
innovation economy. When one country's innovation policy is mentioned, it is
inevitable that there is also a science and technology policy behind this policy. In the
world economy, especially after the Second World War, a new economy was needed in
the new world order. For this reason, research and development expenditures and the
resulting new scientific and technological discoveries have become a matter of gaining
and developing the ability to transform the science and technology produced to
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economic and social benefit. Therefore, this new economy, which is used only as the
concept of "Innovation Economy" at the same time, emerges as a "science, technology
and innovation economy" 5zsağır,
.
3. The Development of the New Economy
It is known that Fritz Machlup is the person who first brought the concept of innovation
economy to the world economy. In 1962, he conducted a study to measure the
production and distribution of knowledge. At the end of the study, it was found that
almost 29% of the US GDP belonged to the information economy. Studies that Machlup
has done have contributed significantly to the measurement of the information
economy and to the expansion of the literature on information economy politics. It
seems that the first wave of this literature is the 1970s, when the information economy
was the forerunner. Using Machlup's calculation methods and the National Accounts
System as a resource, M.U. Porat noted that the Innovation Economy was responsible
for 46% of US GNP and 53% of labor income in 1967. The second important process
related to the information economy began at the beginning of the 1990s and continues
to be as effective as everyday Işık,
.
“nalysis of Informatıon Communıcatıon Technologıes ICT industry growth
and investment patterns demonstrates not only that ICT industries are now a major
force in the U.S. economy, but also that their economic importance began to grow
dramatically in the middle of the last decade. Although many factors contributing to the
digital revolution were inplace well before the mid-1990s, it was then that their
combined effect and potential first became evident and the new economy began to take
shape (Dalton, 2000).
Masuda (1981), accepted post-industrial society, expressed as an "information
society" as the conclusion of "computerization" like Lyotard (2000), and advocated that
the most advanced form will come to the end of the information society at the end of a
four-stage process. The first step is Science and Technology Based Computing: It was a
period between 1945 and 1970 and is defined as the "great science" stage. This period
particularly points to the period when computers were more widely used in national
projects, such as national defense and national astronomy studies. The second stage is
Management Based Computing: It is a process which is valid between 1955 and 1980
and the computerization activities have been started to be used effectively both in
public sector and private sector management areas. The difference from the first one is
that it is intended to increase the utility of computer use operations at this stage. The
third stage is Community Based Computing: it is the phase in which the use of
computers is made available to the benefit of society, which began in the 1970s and
lasted until the 1990s. At this stage, computer use has begun to be used towards social
needs. It seems that there is a trend of computerization aimed at solving problems,
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particularly in the whole of social life. In the last phase, it is seen that it is individualbased computerization.
Masuda argued that this phase would cover between 1975 and 2000. He argued
that the computerization is going to be individualized from the society and each
individual will have computer, as well as the fact that they can easily access the
information they need to solve problems. It is emphasized that this stage will be the
stage of mass production of information, which is equivalent to the stage of mass
consumption, and also which is the most advanced stage reached by industrial society.
In the end, the society in which we have lived in the present day is called information
society (Özcan, 2007).
4.
Basic Differences between New and Old Economy
With the new economy, many of the country's productions, income and profits have
increased, through which considerable advantages in terms of time and costs have been
achieved. One of the most important features of the information economy is the
knowledge of its raw materials. According to the new economics, technology is based
on knowledge, that is, the starting point is knowledge; It seems that it is not just about
the fact that information is based on technology, as it is in technological revolutions that
have taken place before. The World Bank has listed four important characteristics of the
information economy as follows (World Bank, 2004):
1.
Establishment of an appropriate economic tendency and institutional system that
promotes intensive use of national and global knowledge in all areas of the economy,
encouraging entrepreneurship, which is open to economic, social and cultural
transformations brought about by the era of knowledge, and the establishment of the
legal grounds of the information society.
2.
The introduction of a society that is well-rounded by experienced, variable, and
innovation-oriented people, where qualified education and lifelong learning become
accessible to the whole community.
3.
The introduction of an innovative information industry and creating an effective
information infrastructure that leads to clear, effective and competitive information and
communication services and tools for the transportation of the entire community
4.
The formation of companies that contribute to a rapidly expanding global
information network, who adapt this network to national needs, use new products,
services, and new forms of business to take advantage of it, as well as influential
nationalities that support innovation and entrepreneurship in a way that includes
universities, intellectual centers of production, Innovation system and business
environments.
We can briefly summarize the differences between the New Economy and the
Old Economy as follows:
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Table 1: The Differences between the Old Economy and the New Economy
The change
The Old economy
The New Economy
Production and Competition
Area
National
Global
Organization Shape
Hierarchical-Bureaucratic
Network Braid, Network
Production Organization
Mass Production
Flexible Manufacturing
Factors Affecting Growth
Capital, Labor Force
Innovation, InventionsKnowledge
Factor Determining Technology
Mechanization
Digitization
The Source of Comparative
Excellence
Scale Economies, Less Cost
Scope Economies, Innovation
and Quality
The importance given to
Research and Development
Low , middle
High
Relations with Other
Companies
Stand Alone
Cooperation, Partnership,
Synergy
Purpose of Labor Policy
Full Employment
High Real Fee
Education level
Towards a Professional Diploma
Lifelong Learning
The Nature of Employment
Stable
Full with Risk and Opportunities
Regulations
Controlled
Flexible
Human Capital
Production Indexed
Customer ındexed
Workforce
High
Low
The Structure of the Workforce
Expert in a specific field
Versatile skill owner
Assets
Material Assets are important
Intangible Assets are important
Sectoral Structure
Agriculture and Industry Sector
Service industry
Source: (http://www.canaktan.org/yeni-trendler/yeni-ekonomi/ozellikleri.htm#_ftn1)
4.1.
Advantages and Disadvantages of the New Economy
Despite many developments in the field of "Innovation Economy" in the Turkish
economy in recent years, it is seen that they are still progressing in a more adequate
level and that development does not take place. Table 2 and Table 3 below show the
strengths and weaknesses, opportunities and threats of Turkey in terms of the new
economy.
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Table 2: Strengths and Weaknesses of Turkey in terms of New Economy
Strengths
Weaknesses
Presence of active population
The lack of capital
The high entrepreneurial spirit
Insufficient technological infrastructure
A country open to innovation
Continuous increase of the informal economy
Realizing the concept of Research
and Development
Low number of people who know a foreign
language
Increased patent applications
High production costs
Practical intelligence of Turkish people
The inadequate human capital
Dynamic and a society which is eager to learning
Lack of concrete products in academic work
Bridge between East and West
Bureaucratic and legal obstacles
Incentives paid to Research and Development
Lack of expert personnel in Research and
Development
The existence of a large number of SMEs
Inter-institutional communication and
coordination problem
Source: 5zsağır,
:
9-250.
Table 3: Opportunities and Threats of Turkey in terms of New Economy
Opportunities
Threats
Experienced countries
Inefficient technological investments
Rapid access to Information and Technology
Becoming a global market
Turkey's becoming a global marketplace
Low efficiency problem
Business partnership between business world and
universities
The problem of trust in electronic commercials
Strategic position
Prejudices against Turkey
Stable growth policies
Late in technology integration
New employment areas in long run
Inadequate accumulation compared to competing
countries
Source: 5zsağır,
:
-251.
4.2.
The Impacts of New Economy on Macroeconomy and Turkey
The new economy has now been accepted as an important criterion of the development
in the world economy and has been one of the most important goals for the countries.
The new economy never accepts that there is no future, lack of tolerance and lack of
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innovation. Developing countries, not only developed countries, are also trying to
assess the opportunities that the new economy presents and to have the necessary
understanding to ignore the threats that may arise and it seems that the new economy is
in the race to fulfill what they absolutely agree with. It has emerged that Turkey needs
to develop more detailed information in order to produce more information, efficient
and efficient use of the produced information (Gürdal, 2004).
4.3.
The Impact of the New Economy on Economic Growth
Research and Development expenditures, which are important for determining the
effect of technology in the new economy, are also an effective factor for measuring
economic competitiveness as well as global competitive power. In most research
conducted to date, it is clear that spending on Research and Development affected both
developed and developing countries economy positively. Also, it has turned out that
there is a positive relationship between Research and Development expenditures and
economic growth 5zsağır,
.
Table 4: The percentage of Research and Development expenditure in GDP
Countries
2010
2011
2012
2013
2014*
EU (28 countries)
1.93
1.97
2.01
2.03
2.03
Euro zone (19 countries)
1.99
2.04
2.1
2.11
2.12
Turkey
0.84
0.86
0.92
0.95
0.96
Russia
1.13
1.09
1.13
1.13
1.19
USA
2.74
2.77
2.81
---
---
Japan
3.25
3.38
3.34
3.47
---
South Korea
3.47
3.74
4.03
4.15
---
Source: EUROSTAT, 2010 -2014 data
*Estimated values in 2004
It is seen that the countries with the highest rates since 2010 are South Korea and Japan
in Table 4 and this is followed by The USA, Euro Zone and America, respectively. Over
the years, rates in all regions have continued to increase in general and it is seen that the
ranking is almost the same as in all years. When Turkey is investigated from 2010 to
2014, it is seen that Turkey's share of Research and Development spending has
increased steadily in recent years. According to Eurostat's 1998 data, Turkey's Research
and Development expenditure was just 0.37% of GDP, which now shows that Turkey
gives so much importance to Research and Development. In addition, although the
growth rates of the Turkish economy since 2002 has fallen in some periods, the reason
why the growth is so high in other periods is without doubt Research and Development
expenditures.
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4.4.
The Impact of the New Economy on Employment
There is a substitute relationship between technology and labor in industrial economies
and the new economy seems to have left this relationship to a complementary
relationship between technology and information workers. Since a great deal of work in
the new economy requires high level of knowledge and skills, it seems that in this sense
the labor force replaces the low-skilled workforce as the demand grows. Therefore,
investments in information and communication technologies and qualified workforce
are seen as complementary elements. When the sectoral distribution of employment is
examined, the workforce consisting of blue-collar workers (physical workers)
concentrated in the industrial sector in the industrial economies has begun to turn into a
structure composed mainly of white-collar workers (information workers) with the
transition to the new economy 5zsağır,
.
Table 5: Sectoral Distribution of Employment in the New Economy Process
Sectors
Countries
Agriculture%
1994
Industry %
2010
1994
Services %
2010
1994
2010
Turkey
44.0
22.0
23.0
27.0
34.0
51.0
Canada
4.0
2.0
22.0
20.0
73.0
78.0
China
50.0
3.0
21.0
44.0
12.0
49.0
Japan
6.0
4.0
34.0
25.0
60.0
70.0
USA
3.0
Source: World Bank employment data
2.0
24.0
17.0
73.0
81.0
Table 5 shows that developed countries such as Canada, China, Japan and the United
States have moved away from the agricultural sector and given importance to the
industry and service sector. Looking at the sectoral distribution of employment in
Turkey it is observed that there has been a serious shift in recent years from the
agricultural and industrial sectors towards the services sector. But the most important
problem in Turkey's adaptation to the new economy is that it has not yet completed its
industrialization. After that, it is necessary to change the technological structure and go
from production-intensive technology to advanced technology-based production
management.
The fact that employment shifts from the agricultural sector to the services sector
is actually revealing a fact, which is a marginal change in the conditions demanded by
people who work in the face of serious transformations. The required conditions in the
new economy are especially rapid problem solving ability, good communication ability,
high business intelligence, taking responsibility, self-confidence, initiative, flexibility,
unlimited imagination, creative intelligence, continuous learning desire, knowledge
acquisition and information sharing. (Duman, 2004). It is inevitable that educational
policy should be technology oriented in order to be a good business owner in the new
economic order.
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4.5.
The Impact of the New Economy on Foreign Trade
The new economy has positive effects on growth and employment as well as on foreign
trade. Especially the service sector, which consists of information, communication and
technology products, has played an important role in export figures of countries.
Table 6: Service Trade Statistics in the World and Turkey
Total Export (Billion $)
Rank
Country
Total Imports (Billion $)
2010
2011
2012
2013
Rank
Country
2010
2011
2012
2013
1
EU-27
684
789
841
880
1
EU-27
598
638
646
667
2
USA
515
578
621
662
2
USA
358
390
411
427
3
China
170
182
190
207
3
China
192
236
280
329
4
Japan
138
142
142
144
4
Japan
155
165
175
161
5
Singapore
112
125
112
116
5
India
117
130
127
127
6
India
110
148
141
152
6
Singapore
96
99
118
122
33
2.795
38
3.177
42
3.541
44
3.744
23
Turkey
18
19,6
19
22
2.705
3.026
3.515
3.675
16
Turkey
World
World
Source: WTO International Trade Statistics, 2014
In Table 6, export and import figures for countries' service trade are given. Looking at
these figures it is seen that the EU countries are in the first place both in service exports
and in service imports. After the EU, service exports and imports are also seen to be
very important in the US. There is a considerable amount of service trade in China,
Japan, Singapore and India. However, it seems that Turkey has lagged far behind other
countries in service trade. This may be explained by the fact that Turkey's R & D
(Research and Development) expenditures are lower than those of other countries.
Figure 1: Impacts of R & D (Research and Development) Spending on Foreign Trade
Research and
Development
Spendings
increase
High-tech
product and
manufacturing
increase
Added value
derived
from export
increases
The rate of
exports meeting
imports goes up
Foreign trade
balance is
positively affected
Export
increases
GDP
increases
Economic growth
increases
By looking at Figure 1, it can be seen that the increase in R & D (Research and
Development) expenditures causes the changes in foreign trade. Especially an increase
in R & D spending will increase technology exports and thanks to this technology,
countries will produce better quality and more goods, as a result of which there will be
an increase in the exports of the countries. Hence, this will show a positive relationship
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between R & D expenditures and the development of foreign trade. The more advanced
the foreign trade of an country is, the more likely it is to be affected positively by all
macroeconomic indicators of that country, as understood by its growth, employment
and export figures.
5.
Conclusion and Evaluation
The world economy has entered into a new phase, and the economists describe this
stage as a new economy. Structural features of the new economy include; Flexibility in
production, risk, uncertainty, change, advanced technology, R & D expenditures and
lifelong learning. Products and services belonging to the new economy are called
products and services based on information and communication technologies. It seems
that the new economy is endless and has a dynamic structure with many alternatives.
Developed and developing countries have begun to produce more products in less time
thanks to the new economy, leaving behind other countries especially in the economy
and foreign trade.
It has become clear that Turkey needs to adapt quickly to this process of change.
In the process of transition to the new economy, it is necessary to complete the
industrialization process on the one hand and change the technological structure on the
other side to shift rapidly to advanced knowledge-based economy instead of labor
intensive economy. Therefore, the share of national R & D on R & D should be
increased, technological innovation and development should focus on open
investments. Lifelong education should be emphasized in order to develop the qualified
workforce that the new economy needs.
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