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Technology Dissemination and Economic Growth: Some Lessons for the New Economy

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Author Info
Danny Quah
Abstract

This paper attempts to draw lessons for the New Economy from what economists know about technology dissemination and economic growth. It argues that what is most notable about the New Economy is that it is knowledge-driven, not just in the sense that knowledge now assumes increasing importance in production, thereby raising productivity. Instead, it is that consumption occurs increasingly in goods that are like knowledge - computer software, video entertainment, gene sequences, Internet-delivered goods and services - where material physicality matters little. That knowledge is aspatial and nonrival is key. Understanding the effective exchange and dissemination of such knowledge-products will matter more than resolving the so-called productivity paradox.

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Paper provided by Centre for Economic Performance, LSE in its series CEP Discussion Papers with number dp0522.

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Date of creation: Mar 2002
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Handle: RePEc:cep:cepdps:dp0522

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Related research
Keywords: aspatial; demand; endogenous growth; endogenous technology; human capital; Industrial Revolution; infinitely expansible; neoclassical growth; nonrival; productivity paradox; weightless economy;

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Find related papers by JEL classification:
N10 - Economic History - - Macroeconomics and Monetary Economics; Growth and Fluctuations - - - General, International, or Comparative
N15 - Economic History - - Macroeconomics and Monetary Economics; Growth and Fluctuations - - - Asia including Middle East
O33 - Economic Development, Technological Change, and Growth - - Technological Change - - - Technological Change: Choices and Consequences; Diffusion Processes
O57 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Romer, Paul M, 1986. "Increasing Returns and Long-run Growth," Journal of Political Economy, University of Chicago Press, vol. 94(5), pages 1002-37, October. [Downloadable!] (restricted)
  2. Jalava, Jukka & Pohjola, Matti, 2002. "Economic growth in the New Economy: evidence from advanced economies," Information Economics and Policy, Elsevier, vol. 14(2), pages 189-210, June. [Downloadable!] (restricted)
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  3. Rebelo, Sergio, 1991. "Long-Run Policy Analysis and Long-Run Growth," Journal of Political Economy, University of Chicago Press, vol. 99(3), pages 500-521, June. [Downloadable!] (restricted)
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  4. Eaton, Jonathan & Kortum, Samuel, 1999. "International Technology Diffusion: Theory and Measurement," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 40(3), pages 537-70, August.
  5. Stephen Redding & James Proudman, . "Productivity convergence and international openness," Bank of England working papers 77, Bank of England. [Downloadable!]
  6. James D. Feyrer, 2008. "Convergence by Parts," The B.E. Journal of Macroeconomics, Berkeley Electronic Press, vol. 8(1). [Downloadable!]
  7. Quah, Danny, 2000. "Internet cluster emergence," European Economic Review, Elsevier, vol. 44(4-6), pages 1032-1044, May. [Downloadable!] (restricted)
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  8. Danny Quah, 2000. "Internet Cluster Emergence," CEP Discussion Papers dp0441, Centre for Economic Performance, LSE. [Downloadable!]
  9. Romer, Paul M, 1990. "Endogenous Technological Change," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages S71-102, October. [Downloadable!] (restricted)
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  10. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Temple, Jonathan, 2002. "An Assessment of the New Economy," CEPR Discussion Papers 3597, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  2. Grace Li Ann Yong & Kong Weng Ho, 2006. "Innovation, Imitation and Entrepreneurship," Economic Growth centre Working Paper Series 0607, Nanyang Technolgical University, School of Humanities and Social Sciences, Economic Growth centre. [Downloadable!]
    Other versions:
  3. Evangelia Vourvachaki, 2006. "Information and Communication Technologies in a Multi-Sector Endogenous Growth Model," CEP Discussion Papers dp0750, Centre for Economic Performance, LSE. [Downloadable!]
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  4. Carmine Ornaghi, 2002. "Spillovers In Product And Process Innovation: Evidence From Manufacturing Firms," Economics Working Papers we023213, Universidad Carlos III, Departamento de Economía. [Downloadable!]
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