Financial Technology, Artificial Intelligence and Machine Learning: Is the Digital Economy the New Economy?

This paper asks whether the digital economy is becoming the new economy: not because traditional economic functions disappear, but because they are increasingly reorganised through digital infrastructure, digital finance and algorithmic capability. We introduce an open-data Digital Architecture framework and build a fully reproducible panel of 38 OECD economies for 2010 to 2024 from World Bank sources. The framework constructs transparent composite indices for digital infrastructure, FinTech, AI/ML capability, the traditional economy, and a clean new economy. Using two-way fixed-effects panels, we provide a descriptive answer: in OECD economies, the digital economy coincides with the new economy mainly through digital infrastructure. First, digital infrastructure is the load-bearing pillar of the digital economy’s association with the new economy: it accounts for about 24 per cent of within-country variation in new-economy outcomes, although its coefficient is imprecise under country-clustered errors. Second, the Digital Architecture Index is useful as a benchmarking construct, but it does not improve the within-country fit because the digital pillars are collinear and infrastructure carries most of the signal. Third, the evidence does not support a robust three-way configuration effect among digital infrastructure, FinTech and AI/ML capability; the association is sensitive to error structure, dynamics, outcome definition and true survey-year estimation. A future-dated placebo loads for the infrastructure block as well, so even the descriptive associations cannot be cleanly separated from slow-moving common trends. The paper therefore contributes a reusable open-data measurement framework and a clear empirical benchmark: in OECD economies, the digital economy aligns with the new economy primarily through digital infrastructure, the pillar that carries the strongest within-country association with productivity and entrepreneurship. The AI/ML capability proxy is externally validated against Eurostat enterprise-AI adoption data, with a cross-country correlation of 0.80.