The Resurgence of Growth in the Late 1990s: Is Information Technology the Story?
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- 1 November 2000
- journal article
- Published by American Economic Association in Journal of Economic Perspectives
- Vol. 14 (4) , 3-22
- https://doi.org/10.1257/jep.14.4.3
Abstract
The 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.Keywords
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