November 22, 1999

The buzz on the street is the New Economy. At issue is the relative size of the new economy and whether it has any limits. Some argue that current valuation levels are unprecedented and that valuation models used in the past arent useful in todays environment. Others say that during the 1970's the "New Economy" was the oil boom that, at its peak, was close in relative size to todays New Economy. The hope being that historic parallels may provide clues as to what led to the rise and fall of other New Economies, what happened to valuations and whether economic policy can do anything to prolong the current one.

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