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The concept of the 'new economy', though increasingly used by the media, policy makers and scholars, remains elusive. Two main definitions (the popular and specialised) may be identified; and the dimensions of the ensuing debate clarified in terms of three key questions: Is there is something qualitatively different about recent trends in the economy? What are the main economic consequences said to result from this new economy? What are the main social consequences? Of particular importance for social policy is that most models of the new economy suggest that it has led to an increase in inequality' and social exclusion for those not positioned to take advantage of its supposed benefits. With most discussion focussed on a narrow use of the term — to do with communications technology — greater attention should be given to a broader definition which examines its consequences for the disadvantaged. [ABSTRACT FROM AUTHOR]