The Resurgence of Growth in the Late 1990s: Is Information Technology the Story?
- (pp. 3-22)
AbstractThe growth of U.S. labor productivity rebounded in the second half of the 1990s, after nearly a quarter century of sluggish gains. We assess the contribution of information technology to this rebound, using the same neoclassical framework as in our earlier work. We find that a surge in the use of information technology capital and faster efficiency gains in the production of computers account for about two-thirds of the speed-up in productivity growth between the first and second halves of the 1990s. Thus, to answer the question posed in the title of the paper, information technology largely is the story.
CitationOliner, Stephen, D., and Daniel E. Sichel. 2000. "The Resurgence of Growth in the Late 1990s: Is Information Technology the Story?" Journal of Economic Perspectives, 14 (4): 3-22. DOI: 10.1257/jep.14.4.3
- O47 Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
- J24 Human Capital; Skills; Occupational Choice; Labor Productivity
- L63 Microelectronics; Computers; Communications Equipment
- L86 Information and Internet Services; Computer Software
- O33 Technological Change: Choices and Consequences; Diffusion Processes