we asked richa gill why economists put emphasis on new tecology. chlogy is at theeart in oof proctivity growth. much of thisrowth is in the form of new produc thatidn'exisa ceury ago. and the way weroduceld pducts, like wheat or poultry, this means the intangiblezed human factors in growth-- adnces in knowledge, increased education, research a development programs-- are universally aged be critically important to increasing our productivity. the actical question here is how far the government should take the lead in promoting these facrs. we have examples ofuccessfu government projects-- like thetomic energy pgram or the spacerogram, otwo projec close to president carter's heart. there are also arguments as to why governmente should invol itself heavilyeart. inesearcand lopmen- the costs may be too large r private industry payoffs may be too far off also there is e danger of rival firms imitating, pirating, or benefiting from one's own r&d eorts all this adds up atrong case r governme iolme. ere's also toryds up that the best thing r gothe governmen

tecology. thdigitization of all inftion cread new compies new stri.silicon valley alone, new comes were createdvery week. and its produco ing, was intellecal pperty. a growing ba started among economis over whether the new ecomy had chged the rules. ladies and gentlemen, it'sy hono and deep prige intu the chairmanf fera, ladies and gentlemen, dr. anreensp it'sy hono and deep prige intu schoumacher:maalan gr. he dbtedheerlation coulbe adequately measuredinhy usg cuent techniques to tracericends over time. wh electricity was developed, th wasew economy. usg cuent techniques to tracewhen automobilese. became prevalent, that was a new economy now we have a new economy i think has conuted,c age. as those earli new economies contributed, to an increasein produ. ere was a time when economists thought thathen thunemployme re golow , ate would inevably have ination.- weound out in the 1990s that thathen thunemployme re golow , ate would iwith very producticonomy, we don't necessarily get ination when unemployment drops. we don't necessarily schoumacher: prodti