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Journal of Economic Perspectives: Vol. 16 No. 2 (Spring 2002)
JEP Volume. 16, Issue 2 | Next Article
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Distinguished Lecture on Economics in Government: The New Economy: Post Mortem or Second Wind?
Article Citation
Baily, Martin Neil. 2002. "Distinguished Lecture on Economics in Government: The New Economy: Post Mortem or Second Wind?."
The Journal of Economic Perspectives,
16(2): 3-22.
DOI: 10.1257/0895330027184
DOI: 10.1257/0895330027184
Abstract
There was an acceleration of U.S. productivity after 1995. Investment in information technology hardware and software contributed importantly to this, but was not its sole cause. In part, heavy IT investment, perhaps overinvestment, was the result of the booming economy and cheap capital. Besides IT, the expansion of productive firms boosted productivity, together with the competitive pressure this put on other firms to innovate and improve. Productivity growth has been surprisingly strong in 2001, and the likely trend for the future is in the range of 2.2 to 2.7 percent a year. The economy should get a second wind.
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Authors
Baily, Martin Neil (Institute for International Economics, Washington, D. C., USA)
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