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Econometrics, Volume 3
The relentless decline in the prices of information technology (IT) has steadily enhanced the role of IT investment as a source of economic growth in the United States. Productivity growth in IT-producing industries has gradually risen in importance, and a productivity revival has taken place in the rest of the economy. In this book Dale Jorgenson shows that IT provides the foundation for the resurgence of American economic growth.Information technology rests in turn on the development and deployment of semiconductors—transistors, storage devices, and microprocessors. The semiconductor and IT industries are global in scope, with an elaborate international division of labor. This poses important questions about the American growth resurgence. For example, where is the evidence of the "new economy" in other leading industrialized nations? To address this question, Jorgenson compares the recent growth performance in the G7 countries—Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. Several important participants in the IT industries, such as South Korea, Malaysia, Singapore, and Taiwan, are newly industrializing economies. What does this portend for the future economic growth of developing countries? Jorgenson analyzes past and future growth trends in China and Taiwan to arrive at a fuller understanding of economic growth in the information age.
About the Author
Dale W. Jorgenson is Samuel W. Morris University Professor of Economics at Harvard University.
"Jorgenson is the leading scholar of productivity growth of his generation. In this important book, he demonstrates the critical role that information technology played in the U.S. productivity growth resurgence of the late 1990's."
—Vernon W. Ruttan, Regents Professor Emeritus in the Departments of Applied Economics and Economics, University of Minnesota
"This latest collection of papers by Dale Jorgenson provides an extraordinary lesson in how to do economic research at the highest level. Each chapter is clearly written, examines a range of important issues in depth, and demonstrates an amazing mastery of theory, data, and econometric methods. What more could you want?"
—Martin Neil Baily, Senior Fellow, Institute for International Economics, and former Chairman, Council of Economic Advisers
"Prof. Jorgenson's path-breaking studies of the impact of information technology on economic growth and productivity are must reading for those interested in rigorous analysis of the ‘new economy.’ More generally, Jorgenson's work offers fresh and timely insights into the channels through which new technology has reshaped economic activity."
—Kenneth S. Flamm, Director, Technology and Public Policy Program and Dean Rusk Chair in International Affairs, Lyndon B. Johnson School of Public Affairs, University of Texas at Austin
"Dale Jorgenson has defined the frontier in productivity research for more than three decades. His latest pioneering work on the contribution of IT and computers to economic growth is cutting-edge and establishes the benchmark against which future research will be measured."
—Robert J. Gordon, Stanley G. Harris Professor in the Social Sciences, Department of Economics, Northwestern University
"The papers in this volume reconfirm Dale Jorgenson's preeminence as a master of applied economics. They are models of imaginative conceptualization, meticulous data handling, and consummate command of economic theory and econometric methods. It is truly a joy to see the tools of economic theory and of econometrics applied with such elegance, art and skill—especially so when it it is to problems of great relevance in today's world."
—Arnold C. Harberger, Department of Economics, University of California, Los Angeles