The Distincs Differences Between Old And Emerging Economy

This paper is focused on a new economic reality.The purpose of this paper is to contribute analysis of the fundamental shift that is taking place in economy. This shift is from the neoclassical economy to the "new economy". While changes have been happening and policy makers have made a plea for guidance in the era of new economy, scholars have been slow to respond. This paper attempts to identify and articulate differences between old and new reality in economy. We do this by contrasting the most fundamental elements of the newly emerging reality with those of the old economy. We identify the very significant departure from neoclassical economy and we can admit that the new objective of ideas is necessary to explain the real contrast two polar worlds. The common thread throughout these trade-offs is the increased role of knowledge, information and technological improvements.