In this paper it is shown that the intense focus on the new economy reflected real change as well as 'hype?. The basic reason why new economy-growth could not be seen as sustainable is that introducing advanced technologies can only take place successfully when it is accompanied by organizational change and competence-building among employees. Any strategy that gives technology an independent role as problem-solver is doomed to fail. Danish data of a unique character are used to demonstrate that the key to economic performance is to promote learning at different levels of the economy. In the conclusion it is argued that there is a need for a new type of knowledge and learning oriented Keynesianism in order to get close to the kind of growth rates characterizing the high days of the new economy adventure in the US.