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Two Technological Revolutions

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Author Info

  • Boyan Jovanovic

    (New York University,)

  • Peter L. Rousseau

    (Vanderbilt University,)

Abstract

The 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.

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Bibliographic Info

Article provided by MIT Press in its journal Journal of the European Economic Association.

Volume (Year): 1 (2003)
Issue (Month): 2-3 (04/05)
Pages: 419-428

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Handle: RePEc:tpr:jeurec:v:1:y:2003:i:2-3:p:419-428

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Cited by:
  1. Jakub Growiec & Ingmar Schumacher, 2012. "Technological Opportunity, Long-Run Growth, and Convergence," Working Papers hal-00753532, HAL.
  2. 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.
  3. 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.
  4. Luboš Pástor & Pietro Veronesi, 2009. "Technological Revolutions and Stock Prices," American Economic Review, American Economic Association, vol. 99(4), pages 1451-83, September.
  5. 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.

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