The answer is, alas, no. Reports of the death of the business cycle are at best premature.
Government still has a role, despite protestations that the web is uniquely averse to regulation.
And there are fundamental questions about both the real value of much IT investment and the 'exceptional' nature of current economic development, which from a historical perspective appears to be merely the latest of a series of waves since the mid 1700s or before. Our advice to clients is to use analysis, rather than mantras. We've considered some of the myths about the new economy in a more detailed profile. That's one in which information is a primary commodity, data processing and communications technology is of fundamental importance, and 'knowledge workers' drive growth in a global economy marked by volatility and constant innovation. In practice things are a bit more complicated.