This paper reconsiders two theses commonplace in the literature on information technologies: (a) that there is something called a 'New Information Economy'? and (b) that this new economy does not require any substantial revision of orthodox neoclassical economic theory. With reference to the literature of the social studies of science, it argues that (contrary to present opinion) (a) is true but (b) is false. Three short examples are given of what is meant by this argument: Black-Scholes option pricing, the rise of ECNs, and the reaction to shopbots.