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The Resurgence of Growth in the Late 1990s: Is Information Technology the Story?

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  • Stephen D. Oliner
  • Daniel E. Sichel

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.

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File URL: http://www.aeaweb.org/articles.php?doi=10.1257/jep.14.4.3
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Bibliographic Info

Article provided by American Economic Association in its journal Journal of Economic Perspectives.

Volume (Year): 14 (2000)
Issue (Month): 4 (Fall)
Pages: 3-22

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Handle: RePEc:aea:jecper:v:14:y:2000:i:4:p:3-22

Note: DOI: 10.1257/jep.14.4.3
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  1. David, Paul A, 1990. "The Dynamo and the Computer: An Historical Perspective on the Modern Productivity Paradox," American Economic Review, American Economic Association, vol. 80(2), pages 355-61, May.
  2. Jeremy Greenwood & Boyan Jovanovic, 1998. "Accounting for Growth," NBER Working Papers 6647, National Bureau of Economic Research, Inc.
    • Jeremy Greenwood & Boyan Jovanovic, 2001. "Accounting for Growth," NBER Chapters, in: New Developments in Productivity Analysis, pages 179-224 National Bureau of Economic Research, Inc.
  3. Whelan, Karl, 2002. "Computers, obsolescence, and productivity," Open Access publications from University College Dublin urn:hdl:10197/204, University College Dublin.
  4. Fischer, Stanley, 1988. "Symposium on the Slowdown in Productivity Growth," Journal of Economic Perspectives, American Economic Association, vol. 2(4), pages 3-7, Fall.
  5. Andreas Hornstein, 1999. "Growth accounting with technological revolutions," Economic Quarterly, Federal Reserve Bank of Richmond, issue Sum, pages 1-22.
  6. Michael Smith & Erik Brynjolfsson, 1999. "Frictionless Commerce? A Comparison of Internet and Conventional Retailers," Computing in Economics and Finance 1999 1022, Society for Computational Economics.
  7. Oecd, 1998. "Electronic Commerce: Prices and Consumer Issues for Three Products: Books, Compact Discs and Software," OECD Digital Economy Papers 32, OECD Publishing.
  8. Stiroh, Kevin J, 1998. "Computers, Productivity, and Input Substitution," Economic Inquiry, Western Economic Association International, vol. 36(2), pages 175-91, April.
  9. Hulten, Charles R, 1978. "Growth Accounting with Intermediate Inputs," Review of Economic Studies, Wiley Blackwell, vol. 45(3), pages 511-18, October.
  10. Stephen D. Oliner & Daniel E. Sichel, 1994. "Computers and Output Growth Revisited: How Big Is the Puzzle?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 25(2), pages 273-334.
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