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Wired for Innovation: How Information Technology Is Reshaping the Economy

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Author Info

  • Brynjolfsson, Erik

    ()
    (MIT's Sloan School of Management)

Abstract

A wave of business innovation is driving the productivity resurgence in the U.S. economy. In Wired for Innovation, Erik Brynjolfsson and Adam Saunders describe how information technology directly or indirectly created this productivity explosion, reversing decades of slow growth. They argue that the companies with the highest level of returns to their technology investment are doing more than just buying technology; they are inventing new forms of organizational capital to become digital organizations. These innovations include a cluster of organizational and business-process changes, including broader sharing of information, decentralized decision-making, linking pay and promotions to performance, pruning of non-core products and processes, and greater investments in training and education. Brynjolfsson and Saunders go on to examine the real sources of value in the emerging information economy, including intangible inputs and outputs that have defied traditional metrics. For instance, intangible organizational capital is not directly observable on a balance sheet yet amounts to trillions of dollars of value. Similarly, such nonmarket transactions of information goods as Google searches or views of Wikipedia articles are an increasingly large share of the economy yet virtually invisible in the GDP statistics. Drawing on work done at the MIT Center for Digital Business and elsewhere, Brynjolfsson and Saunders explain how to better measure the value of technology in the economy. They treat technology as not just another type of ordinary capital investment by also focusing on complementary investments--including process redesign, training, and strategic changes--and ton he value of product quality, timeliness, variety, convenience, and new products. Innovation continues through booms and busts. This book provides an essential guide for policy makers and economists who need to understand how information technology is transforming the economy and how it will create value in the coming decade.

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Bibliographic Info

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This book is provided by The MIT Press in its series MIT Press Books with number 0262013666 and published in 2011.

Volume: 1
Edition: 1
ISBN: 0262013666
Handle: RePEc:mtp:titles:0262013666

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Web page: http://mitpress.mit.edu

Related research

Keywords: information science; information technology; business economics; innovation policy;

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Cited by:
  1. Che, Natasha Xingyuan, 2009. "Sectoral Structural Change in a Knowledge Economy," MPRA Paper 19839, University Library of Munich, Germany.
  2. Greenstein, Shane & Nagle, Frank, 2014. "Digital dark matter and the economic contribution of Apache," Research Policy, Elsevier, Elsevier, vol. 43(4), pages 623-631.
  3. Strauss, Hubert & Samkharadze, Besik, 2011. "ICT capital and productivity growth," EIB Papers 6/2011, European Investment Bank, Economics Department.
  4. Carol Corrado & Charles R. Hulten, 2012. "Innovation Accounting," Economics Program Working Papers, The Conference Board, Economics Program 12-04, The Conference Board, Economics Program.
    • Carol A. Corrado & Charles R. Hulten, 2013. "Innovation Accounting," NBER Chapters, in: Measuring Economic Sustainability and Progress National Bureau of Economic Research, Inc.
  5. Van Reenen, John, 2011. "Wage inequality, technology and trade: 21st century evidence," Labour Economics, Elsevier, Elsevier, vol. 18(6), pages 730-741.
  6. Francesco Venturini & Ana Rincon-Aznar & Dr Michela Vecchi, 2013. "ICT as a general purpose technology: spillovers, absorptive capacity and productivity performance," NIESR Discussion Papers, National Institute of Economic and Social Research 11717, National Institute of Economic and Social Research.
  7. Hätönen, Jussi, 2011. "The economic impact of fixed and mobile high-speed networks," EIB Papers 7/2011, European Investment Bank, Economics Department.
  8. Brynjolfsson, Erik, 2011. "ICT, innovation and the e-economy," EIB Papers 8/2011, European Investment Bank, Economics Department.

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