Academic journal article Research-Technology Management

Notable Papers and Articles. (Information Resources: New Books and Reports for Leaders of Technological Innovation)

Academic journal article Research-Technology Management

Notable Papers and Articles. (Information Resources: New Books and Reports for Leaders of Technological Innovation)

Article excerpt

Do We Have a New E-conomy? (Working Paper No. 8243); Martin Baily and Robert Lawrence; National Bureau of Economic Research, April 2001.

Yes, reply the authors to their title question. They find that there has been a structural acceleration of total factor productivity (TFP), caused by innovation in information technology (IT) and the application of IT in service sectors, including wholesale and retail trade, finance and business services. However, they do not believe that the economic growth of the 1990s was heavily dependent on the often-mentioned Internet.

Baily and Lawrence assert that the change in TFP growth between 1995 and 2000 was primarily structural, not cyclical. They estimate that the trend growth rate of labor productivity accelerated by 1.6 percentage points over that time period, to 3.1 percent a year up from 1.4 percent a year. Part of the acceleration was attributable to capital deepening, especially in computers, communications and software. The remainder was an acceleration of TFP growth in the computer sector and in the broad, non-computer industries. …

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