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Raising the Speed Limit: US Economic Growth in the Information Age

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  • Dale W. Jorgenson
  • Kevin J. Stiroh

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 ...

Suggested Citation

  • Dale W. Jorgenson & Kevin J. Stiroh, 2000. "Raising the Speed Limit: US Economic Growth in the Information Age," OECD Economics Department Working Papers 261, OECD Publishing.
    • Handle: RePEc:oec:ecoaaa:261-en
    DOI: 10.1787/561481176503
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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.
    2. 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.
    3. anonymous, 1994. "Membership of the Board of Governors of the Federal Reserve System, 1913-94," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), issue Aug, pages 769-770.
    4. 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.
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    More about this item

    Keywords

    capital stock; croissance économique; economic growth; productivity; productivité; stock du capital;

    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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