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Technological Shocks and IT Revolutions

Author

Listed:
  • Raouf Boucekkine
  • David de la Croix
  • Yiannis Vailakis

Abstract

We investigate and interpret sorne of the properties of a multi-sectoral growth model with endogenous embodied technical change in the light of the ongoing debate on the viability of an IT based growth regime. In particular. we illustrate the two main views of the 1995-2000 IT boom in the USA. If it only cornes from productivity gains in the production of hardware and/or softwares, and even though these gains are permanent, the story could be just one of temporary massive capital deepening and no long term growth effect. In contrast, if this boom relies on productivity gains in R&D, there is room for a permanent IT growth regime associated with a permanent accumulation of both hardware and software.
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Suggested Citation

  • Raouf Boucekkine & David de la Croix & Yiannis Vailakis, 2002. "Technological Shocks and IT Revolutions," Recherches économiques de Louvain, De Boeck Université, vol. 68(1), pages 75-89.
  • Handle: RePEc:cai:reldbu:rel_681_0075
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    References listed on IDEAS

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    1. repec:ucp:bknber:9780226304557 is not listed on IDEAS
    2. Luis A. Rivera-Batiz & Paul M. Romer, 1991. "Economic Integration and Endogenous Growth," The Quarterly Journal of Economics, Oxford University Press, vol. 106(2), pages 531-555.
    3. Greenwood, Jeremy & Yorukoglu, Mehmet, 1997. "1974," Carnegie-Rochester Conference Series on Public Policy, Elsevier, pages 49-95.
    4. Robert J. Gordon, 2000. "Does the "New Economy" Measure Up to the Great Inventions of the Past?," Journal of Economic Perspectives, American Economic Association, pages 49-74.
    5. Greenwood, Jeremy & Hercowitz, Zvi & Krusell, Per, 1997. "Long-Run Implications of Investment-Specific Technological Change," American Economic Review, American Economic Association, pages 342-362.
    6. Boucekkine, Raouf & de la Croix, David, 2003. "Information technologies, embodiment and growth," Journal of Economic Dynamics and Control, Elsevier, pages 2007-2034.
    7. Paul S. Segerstrom, 2007. "Intel Economics," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 48(1), pages 247-280, February.
    8. Greenwood, Jeremy & Yorukoglu, Mehmet, 1997. "1974," Carnegie-Rochester Conference Series on Public Policy, Elsevier, pages 49-95.
      • Greenwood, J. & Yorukoglu, M., 1996. "1974," RCER Working Papers 429, University of Rochester - Center for Economic Research (RCER).
    9. Robert J. Gordon, 2000. "Does the "New Economy" Measure Up to the Great Inventions of the Past?," Journal of Economic Perspectives, American Economic Association, pages 49-74.
    10. Kevin J. Stiroh & Dale W. Jorgenson, 1999. "Information Technology and Growth," American Economic Review, American Economic Association, pages 109-115.
    11. Romer, Paul M, 1987. "Growth Based on Increasing Returns Due to Specialization," American Economic Review, American Economic Association, pages 56-62.
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    Cited by:

    1. Boucekkine, Raouf & de la Croix, David, 2003. "Information technologies, embodiment and growth," Journal of Economic Dynamics and Control, Elsevier, vol. 27(11-12), pages 2007-2034, September.
    2. Mattalia, Claudio, 2012. "Human capital accumulation in R&D-based growth models," Economic Modelling, Elsevier, vol. 29(3), pages 601-609.
    3. Mattalia, Claudio, 2013. "Embodied technological change and technological revolution: Which sectors matter?," Journal of Macroeconomics, Elsevier, pages 249-264.
    4. Bianco, Dominique, 2007. "An Endogenous Growth Model with Embodied Technical Change without Scale Effects," MPRA Paper 6571, University Library of Munich, Germany, revised 04 Jan 2008.

    More about this item

    JEL classification:

    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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