The 'new' new economy

"Anirvan Banerji, of the Economic Cycle Research Institute, New York, who last fall predicted something very like a recession (Grant's, October 27), is anything but certain that one has actually begun. He does note, however, that his institute's Weekly Leading Index has just hit a 10-year low.

The great irony of the millennial downturn, Banerji goes on, is that the rapid (and hedonically assisted) growth in high-tech investment has made the GDP much more volatile. In that respect - as in so many others - the new economy looks more and more like the old."