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The 21st Century Economy

1. Economies, like living organisms, always evolve in response to challenges and opportunities. Over the next decade or so, the New Economy - so far propell ed mainly by information technology - may turn out to be only the initial stage of a much broader flower ing of technological, business, and financial creativity.

2. To be sure, the path from the New Economy to the 21st Century Economy will likely be a bumpy one. But one of the grounds for a dynamic change in the world is that many countries today have s ophisticated developmental state s that support new technologies.

3. That is to say, the 21st Century Economy is an economy driven by technological progress, which is a key element of the new paradigm. With the advent of the Internet, the information revolution seems to be spreading and accelerat ing rather than slowing down. Biotechnology is on the verge of having a major economic impact. And in labs across the world, scientists are driving toward the frontiers of nanotechnology, with the goal of creating new devices that can transform entire industries.

4. In fact, one of the top priorities for the governments today is to shift financial resources to innovative sectors. Venture capital, initial public offerings, and junk bonds enable new ideas to get funded relatively easily, while lagging companies are punished by being taken over or bought out. And finally, intellectual property protection is one of the central public policy pillars on which the knowledge-based industries and global markets of the 21st century rest. Sound framework conditions for a well-constructed IPR regime, therefore, are indispensable.

5. A second key element of the new paradigm is green economics —the recognition that the conservation of resources and the reduction of waste have become economic necessities. The old idea that there are tradeoffs between economic growth and environmental protection is outmoded; today economic growth requires that we transition away from fossil fuels and squeeze waste out of our production processes.

6. A third key element of the new paradigm is pursui ng the “ high road ” is the organization of work places. Productivity in the 21^st century is enhance d by empowering employees and providing them with good pay and decent benefits.

7. Other elements of the new paradigm include a focus on the problem of providing high quality care —health services, child care, education, and services for the elderly. These have become central economic activities and they cannot be produced on an assembly line. Maintain ing a healthy private sector is crucial.

8. The world needs also to rethink the role of finance in the economy—shifting from the current focus on speculation to smart finance that pursues productive investments.

9. Similarly, a commitment to free trade and relatively open immigration is an essential part of a pro-innovation policy.

10. Policy, by itself, can guarantee a new age of innovation. And just as a seed grows better in the right soil, forward-looking policies create a better environment in which bright ideas can flourish.