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MICHAEL MANDEL
MICHAEL MANDEL is the economics editor at Business Week, Michael Mandel has played a key role in defining and popularizing the notion of the New Economy. His widely-cited 1997 cover story "The New Business Cycle" showed, for the first time, how information technology had replaced autos and housing as the main driving force for growth in the U.S. In 1998, Mandel won the Gerald Loeb Award, the most prestigious prize in business and financial journalism, for his New Economy coverage. In 1999, he was named one of the 100 top U.S. business journalists of the 20th century. Based on his analysis of the New Economy, Mandel's most recent book, The Coming Internet Depression, published in October 2000, predicted the technology bust and the downturn of 2001. The key, according to Mandel, is that the New Economy is characterized not just by new technology, but by the increased importance of high-risk, high-return financial markets such as venture capital. As a result, the New Economy produces both faster growth and bigger swings in the economy. The Coming Internet Depression has been or will be published in ten languages, including German, Japanese, and Chinese. Mandel holds a Ph.D. in economics from Harvard University. He taught economics at New York University's Stern School of Business before joining Business Week in 1989.