That old new economy: a leftist tries to make sense of the '90s boom.(After the New Economy)(Book Review)

Reason | June 1, 2004| | Copyright

After the New Economy, by Doug Henwood, New York: The New Press, 269 pages, $24.95

IT SEEMS LIKE only yesterday. Gross domestic product was booming. Labor productivity was skyrocketing. And price inflation, at least as measured by government statistics, was almost nonexistent. The stock market was climbing. Companies like Yahoo and Amazon and eBay were trading at 90 times earnings or more. And New Economy guru George Gilder was getting respectful write-ups in The New York Times.

Oh, wait a minute. That was yesterday.

The New Economy still seems ...

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