Death of the New Economy, R.I.P.
It didn't make the world better. It wasn't supposed to. The trouble with the term new economy is its McLuhanesque slipperiness. It means whatever you want it to mean. Too often, that has translated to wishful thinking: new rules, new paradigms, new riches. But as those dreams dissipate in a haze of bankruptcies and book contracts, it's nonetheless clear that the US economy is fundamentally different now than just a few years ago. The point is especially relevant now, as the economic downturn enters its second year.