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Purpose and benefits

If you go back to the railway and electricity booms, the economy did build on these technologies quite successfully. We are in, and will continue to experience, a period of very substantial technological progress. But for a while it will be harder to raise equity capital, except for extremely good technology companies with good business plans and good management. There will be a continued dynamism in many sectors of the economy. The ‘new economy’ wasn’t just about technology; it was about better management practices, better business models, more efficiency, globalisation, more immigration. It was about combining many factors to achieve high productivity. That progress will continue.