It's often used when describing high-technology businesses or stocks. Evolving initially from a view of productivity, it is thought that high-technology will directly improve productivity. However, part of this increase will come from new ways of doing business as well as productivity increases that come directly from technology improvements in manufacturing and service business sectors.
Productivity is simply a byproduct of the demand for technology.
Another aspect of the New Economy is the global economy . The Internet has recently stolen the limelight in the area of global trade. International trade has been improving since the 1960's and it would continue to improve without the Internet. But the Internet provides a new avenue for businesses to deliver their products. I think theories of huge retail sales coming of age with the Internet are exaggerated, at least in the near-term.