Shiller's New Old Economy

Shiller's "New Old Economy" refers to the shift in economic focus from traditional industries like manufacturing to sectors driven by technology, innovation, and knowledge—such as software, finance, and healthcare. This transition emphasizes human capital, intellectual property, and intangible assets over physical goods. It recognizes that modern economic growth depends more on ideas and information than on raw materials, requiring new approaches to measuring productivity, investment, and value. Essentially, it's about understanding how the economy has evolved to prioritize intangible and service-based activities, blending old economic principles with new technological realities.