Information Technology and the World Economy
Dale W. Jorgenson
Harvard University - Department of Economics; National Bureau of Economic Research (NBER)
Khuong M. Vu
Lee Kuan Yew School of Public Policy
December 1, 2005
Scandinavian Journal of Economics, Vol. 107, No. 4, pp. 631-650, 2005
Lee Kuan Yew School of Public Policy Research Paper No. PP05-01
This paper addresses the impact of investment in information technology (IT) on the recent resurgence of world economic growth. We describe the growth of the world economy, seven regions and 14 major economies during the period 1989–2003. We allocate the growth of world output between input growth and productivity and find, surprisingly, that input growth greatly predominates. The contributions of IT investment have increased in all regions, but especially in industrialized economies and Developing Asia. Differences in per capita output are explained by differences in per capita input, rather than by variations in productivity.
Keywords: growth, investment, productivity, information technology
JEL Classification: 047Accepted Paper Series
Date posted: October 17, 2011 ; Last revised: November 5, 2012
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