"Many old traditional rules of economic analysis do not apply any more to the new economy; with the passing of years, the United States worked out and learned their own new rules." The Time - 31th December 1958 http://www.time.com/time/magazine/archive/covers/0,16641,1101581229,00.html I have translated the french translation from English so the translation is not garanteed to be good english I have slightly corrected Babelfish which gave below "Many OLD WOMEN traditional rules of the economic analysis do not apply any more to the new economy; with the passing of years, the United States worked out and learned their own new rules"
People insist we've entered a "new economy" about every two years. Any time the stock market declines or we hit a lull in the business cycle people who know nothing about economics proclaim a new economy. Occasionally an economic theory becomes obsolete, but many of the basics apply today just as well as they have fifty years ago. Typically those announcing a new economy are those who just lost their jobs or asses due to poor investments.