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Information Technology and The World Growth Resurgence

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  • Dale W. Jorgenson
  • Khuong Vu

Abstract

This paper analyzes the impact of investment in information technology (IT) on the recent resurgence of world economic growth. We describe the growth of the world economy, seven regions, and fourteen major economies during the period 1989-2004. We allocate the growth of world output between input growth and productivity and find, surprisingly, that input growth greatly predominates! Moreover, differences in per capita output levels are explained by differences in per capita input, rather than variations in productivity. The contributions of IT investment have increased in all regions, but especially in industrialized economies and Developing Asia.

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File URL: http://hi-stat.ier.hit-u.ac.jp/research/discussion/2006/pdf/D06-181.pdf
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Bibliographic Info

Paper provided by Institute of Economic Research, Hitotsubashi University in its series Hi-Stat Discussion Paper Series with number d06-181.

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Date of creation: Aug 2006
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Handle: RePEc:hst:hstdps:d06-181

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Keywords: growth; investment; productivity; information technology;

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References

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  1. Francesco Daveri, . "The new economy in Europe (1992-2001)," Working Papers 213, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
  2. Angus Maddison, 2006. "DO OFFICIAL STATISTICS EXAGGERATE CHINA's GDP GROWTH? A REPLY TO CARSTEN HOLZ," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 52(1), pages 121-126, 03.
  3. Dale Jorgenson & Kazuyuki Motohashi, 2004. "Information Technology and the Japanese Economy," NBER Chapters, in: Enhancing Productivity (NBER-CEPR-TCER-Keio conference) National Bureau of Economic Research, Inc.
  4. Timmer, Marcel P. & Ypma, Gerard & Ark, Bart van der, 2003. "IT in the European Union: driving productivity divergence?," GGDC Research Memorandum 200363, Groningen Growth and Development Centre, University of Groningen.
  5. Carsten A. Holz, 2006. "CHINA's REFORM PERIOD ECONOMIC GROWTH: HOW RELIABLE ARE ANGUS MADDISON's ESTIMATES?," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 52(1), pages 85-119, 03.
  6. Piatkowski, Marcin & Bart, van Ark, 2005. "ICT and Productivity Growth in Transition Economies: Two-Phase Convergence and Structural Reforms," MPRA Paper 29398, University Library of Munich, Germany.
  7. Dale W. Jorgenson, 2001. "Information Technology and the U.S. Economy," American Economic Review, American Economic Association, vol. 91(1), pages 1-32, March.
  8. Carol Corrado & John Haltiwanger & Dan Sichel, 2005. "Measuring Capital in the New Economy," NBER Books, National Bureau of Economic Research, Inc, number corr05-1, July.
  9. Baldwin, John R. & Harchaoui, Tarek, 2002. "Productivity Growth in Canada," Productivity Growth in Canada, Statistics Canada, Economic Analysis, number stcb6e, December.
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Cited by:
  1. Sumner La Croix, 2007. "Decomposing and Analyzing Korea’s Declining GDP Growth: Some Cautions and Suggestions," Working Papers 200721, University of Hawaii at Manoa, Department of Economics.
  2. Carmen Galve-Górriz & Ana Gargallo Castel, 2010. "Revisión del Estado de la sociedad de la información en España," REVISTA FACULTAD DE CIENCIAS ECONÓMICAS, UNIVERSIDAD MILITAR NUEVA GRANADA.
  3. Abhay Gupta, 2013. "Estimating Direct Gains in Consumer Welfare in Telecommunications Sector," Journal of Consumer Policy, Springer, vol. 36(2), pages 119-138, June.
  4. Ronald Kumar & Madhukar Singh, 2014. "Role of health expenditure and ICT in a small island economy: a study of Fiji," Quality & Quantity: International Journal of Methodology, Springer, vol. 48(4), pages 2295-2311, July.
  5. Misbah Tanveer Choudhry, 2013. "Age Dependency and Labor Productivity Divergence," Quaderni del Dipartimento di Economia, Finanza e Statistica 113/2013, Università di Perugia, Dipartimento Economia, Finanza e Statistica.
  6. Esteban Alfaro Cortés & José-Luis Alfaro Navarro, 2011. "Do ICT Influence Economic Growth and Human Development in European Union Countries?," International Advances in Economic Research, Springer, vol. 17(1), pages 28-44, February.
  7. Michael C Burda & Battista Severgnini, 2009. "TFP Growth in Old and New Europe," Comparative Economic Studies, Palgrave Macmillan, vol. 51(4), pages 447-466, December.
  8. Diaz-Chao, Angel & Torrent-Sellens, Joan, 2010. "¿Pueden el uso de las TIC y los activos intangibles mejorar la competitividad? Un análisis empírico para la empresa catalana/Can ICT use and Intangible Assets Improve the Competitiveness? An Empiri," Estudios de Economía Aplicada, Estudios de Economía Aplicada, vol. 28, pages 477 (22 pá, Agosto.
  9. Grüner, Hans Peter, 2009. "Information technology: Efficient restructuring and the productivity puzzle," Journal of Economic Behavior & Organization, Elsevier, vol. 72(3), pages 916-929, December.

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