Two Technological Revolutions
AbstractThe IPOs of the Electricity/Internal Combustion revolution created more lasting value than the IPOs of the IT revolution. Stock-market data point to two explanations for this. First, computer prices have been falling much faster than did those of electricity and internal combustion in the 1890-1930 period, and so the value of each generation of computer-intensive entrants is reduced by later entrants. And, second, the pre-1973 vintages reacted to the microcomputer relatively quickly, perhaps because the threat of being taken over is now higher than it was 70-100 years ago. (JEL: O3, N2) Copyright (c) 2003 The European Economic Association.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by MIT Press in its journal Journal of the European Economic Association.
Volume (Year): 1 (2003)
Issue (Month): 2-3 (04/05)
Contact details of provider:
Web page: http://www.mitpressjournals.org/jeea
Find related papers by JEL classification:
- O3 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights
- N2 - Economic History - - Financial Markets and Institutions
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Jakub Growiec & Ingmar Schumacher, 2012.
"Technological Opportunity, Long-Run Growth, and Convergence,"
- Jakub Growiec & Ingmar Schumacher, 2013. "Technological opportunity, long-run growth, and convergence," Oxford Economic Papers, Oxford University Press, vol. 65(2), pages 323-351, April.
- Jakub, GROWIEC & Ingmar, SCHUMACHER, 2007. "Technological opportunity, long-run growth and convergence," Discussion Papers (ECON - DÃ©partement des Sciences Economiques) 2007034, Université catholique de Louvain, Département des Sciences Economiques.
- GROWIEC, Jakub & SCHUMACHER, Ingmar, 2007. "Technological opportunity, long-run growth, and convergence," CORE Discussion Papers 2007057, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Hyunbae Chun & Jung-Wook Kim & Randall Morck, 2013. "Productivity Growth and Stock Returns: Firm- and Aggregate-Level Analyses," NBER Working Papers 19462, National Bureau of Economic Research, Inc.
- Jerry Tsai & Jessica A. Wachter, 2014. "Rare Booms and Disasters in a Multi-sector Endowment Economy," NBER Working Papers 20062, National Bureau of Economic Research, Inc.
- Luboš Pástor & Pietro Veronesi, 2009.
"Technological Revolutions and Stock Prices,"
American Economic Review,
American Economic Association, vol. 99(4), pages 1451-83, September.
- Broer, Tobias & Kero, Afroditi, 2011. "Great Moderation or Great Mistake: Can rising confidence in low macro-risk explain the boom in asset prices?," CEPR Discussion Papers 8700, C.E.P.R. Discussion Papers.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Karie Kirkpatrick).
If references are entirely missing, you can add them using this form.