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Raising the Speed Limit: U.S. Economic Growth in the Information Age

Author

Listed:
  • Dale W. Jorgenson

    (Harvard University)

  • Kevin J. Stiroh

    (Federal Reserve Bank of New York)

Abstract

This paper examines the underpinnings of the successful performance of the US economy in the late 1990s. Relative to the early 1990s, output growth has accelerated by nearly two percentage points. We attribute this to rapid capital accumulation, a surge in hours worked, and faster growth of total factor productivity. The acceleration of productivity growth, driven by information technology, is the most remarkable feature of the US growth resurgence. We consider the implications of these developments for the future growth of the US economy ... Ce document examine les facteurs qui ont contribués aux très bonnes performances de l’économie américaine à la fin des années 90. Par rapport au début des années 90, le taux de croissance a augmenté de près de deux points de pourcentage. Nous attribuons ceci à la croissance accrue du capital, une augmentation importante des heures travaillées et une croissance plus rapide de la productivité multifactorielle. Cette accélération de la croissance de la productivité, poussée par les technologies de l’information, est l’aspect le plus remarquable de la remontée de la croissance américaine. Nous prenons en considération les implications de ces développements pour la croissance future de l’économie américaine ...
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Dale W. Jorgenson & Kevin J. Stiroh, 2000. "Raising the Speed Limit: U.S. Economic Growth in the Information Age," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 31(1), pages 125-236.
    • Handle: RePEc:bin:bpeajo:v:31:y:2000:i:2000-1:p:125-236
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    References listed on IDEAS

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    1. Bresnahan, Timothy F., 1990. "The Measurement of Durable Goods Prices. ByRobert J. Gordon · Chicago, Ill.: University of Chicago Press, 1990. xviii + 723 pp. Charts, tables, appendixes, references, and index. $85.00," Business History Review, Cambridge University Press, vol. 64(2), pages 355-357, July.
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    3. James K. Galbraith, 2000. "Economic Report of the President, Transmitted to the Congress February 2000," Challenge, Taylor & Francis Journals, vol. 43(6), pages 115-122, November.
    4. Robert J. Gordon, 1979. "The "End-of-Expansion" Phenomenon in Short-Run Productivity Behavior," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 10(2), pages 447-462.
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    More about this item

    Keywords

    macroeconomics; U.S. economic growth; information age;
    All these keywords.

    JEL classification:

    • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights
    • O4 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity

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