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Measuring productivity in the new economy

Author

Listed:
  • Mircea Udrea

    (CERONAV - Romanian Maritime Training Centre)

Abstract

The neo-classical theory of production identified only two production factors: labour and capital. Paul Romer proposed a change to the neo-classical model by introducing the technology (and implicitly knowledge on which it is based) as an inherent factor of the economic system. The Internet economy offers the possibility to develop the businesses in a totally new way by innovatively using the IT&C. This increase is highlighted by the increase of the Multifactor Productivity in the late 1990’s in the USA economy.

Suggested Citation

  • Mircea Udrea, 2007. "Measuring productivity in the new economy," Romanian Economic Business Review, Romanian-American University, vol. 2(3), pages 60-67, September.
    • Handle: RePEc:rau:journl:v:2:y:2007:i:3:p:60-67
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