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Economic Growth of Japan and the United States in the Information Age

  • Dale W. Jorgenson
  • Kazuyuki Motohashi

In this paper we compare sources of economic growth in Japan and the United States from 1973 through 2000, focusing on the role of information technology (IT). We have adjusted Japanese data to conform to U.S. definitions in order to provide a rigorous comparison between the two economies. The contribution of information technology to economic growth was strikingly similar in Japan and the United States in the last half of the 1990's. The growth rate of the Japanese economy declined drastically in the early 1990's, but revived modestly during the last half of the decade. In this period the share of the Japanese gross domestic product devoted to investment in computers, telecommunications equipment, and software rose sharply and the rate of total factor productivity growth increased. However, the contributions of labor input and other sources of growth in Japan lagged far behind those in the United States.

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Paper provided by Research Institute of Economy, Trade and Industry (RIETI) in its series Discussion papers with number 03015.

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Length: 30 pages
Date of creation: Jul 2003
Date of revision:
Handle: RePEc:eti:dpaper:03015
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  1. 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.
  2. Dale Jorgenson & Mun Ho & Kevin Stiroh, 2003. "Growth of US Industries and Investments in Information Technology and Higher Education," Economic Systems Research, Taylor & Francis Journals, vol. 15(3), pages 279-325.
  3. Zvi Griliches, 1998. "Productivity, R&D, and the Data Constraint," NBER Chapters, in: R&D and Productivity: The Econometric Evidence, pages 347-374 National Bureau of Economic Research, Inc.
  4. Erik Brynjolfsson & Lorin Hitt, 1997. "Information Technology as a Factor of Production: The Role of Differences Among Firms," Working Paper Series 201, MIT Center for Coordination Science.
  5. Jorgenson, Dale W. & Ho, Mun S. & Stiroh, Kevin J., 2003. "Lessons from the US growth resurgence," Journal of Policy Modeling, Elsevier, vol. 25(5), pages 453-470, July.
  6. Basu, Susanto, 1996. "Procyclical Productivity: Increasing Returns or Cyclical Utilization?," The Quarterly Journal of Economics, MIT Press, vol. 111(3), pages 719-51, August.
  7. Price Statistics Division, 2001. "Quality Adjustment of Price Indexes -- Wholesale Price Index and Corporate Service Price Index: The Current Situation and Future Implications," Bank of Japan Working Paper Series Research and Statistics D, Bank of Japan.
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