Econometrics: Economic growth in the information age, Volume 3

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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.

 

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Contents

Computers and Growth
43
U S Economic Growth in
71
Why Has the EnergyOutput Ratio Fallen in China?
151
Whatever Happened to Productivity Growth?
179
Tax Reform and the Cost of Capital
211
Investment and Growth
259
Policies to Stimulate Economic Growth
289
Indexing Government Programs for Changes in the Cost
339
Controlling Carbon Emissions in China
361
The Economic Impact of Fundamental Tax Reform
393
References
421
Index
455
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About the author (2000)

Dale W. Jorgenson is Samuel W. Morris University Professor of Economics at Harvard University.