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ICT and Productivity Growth in the United Kingdom
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In this paper, the authors developed new estimates of investment in and output of information and communications technology (ICT) and found that GDP growth has been significantly understated, particularly since 1994.Abstract:
This paper develops new estimates of investment in and output of information and communications technology (ICT) These new estimates imply that GDP growth has been significantly understated, particularly since 1994 A growth accounting approach is employed to measure the contribution of ICT to the growth of both aggregate output and aggregate input On both counts, the contribution of ICT has been rising over time From 1989 to 1998, ICT output contributed a fifth of overall GDP growth Since 1989, 55% of capital deepening has been contributed by ICT capital, and 90% since 1994 ICT capital deepening accounts for 25% of the growth of labour productivity over 1989-98 and 48% over 1994-98 But even when output growth is adjusted for the new ICT estimates, both labour productivity and TFP growth are still found to slow after 1994read more
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ICT AND EUROPE's PRODUCTIVITY PERFORMANCE: INDUSTRY‐LEVEL GROWTH ACCOUNT COMPARISONS WITH THE UNITED STATES
TL;DR: In this paper, a new industry-level database is presented to analyse sources of growth in four major European countries: France, Germany, Netherlands and United Kingdom (EU-4), in comparison with the United States for the period 1979-2000.
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The Case of the Missing Productivity Growth, or Does Information Technology Explain Why Productivity Accelerated in the United States but Not in the United Kingdom?
TL;DR: This article found a strong correlation between ICT use and industry TFP growth in both the United States and the United Kingdom, finding that investments in ICT may in fact be associated with lower TFP because resources are diverted to reorganization and learning.
Journal ArticleDOI
The New Economy in Europe, 1992–2001
TL;DR: In the second half of the past decade, growth contributions from ICT capital rose in six EU countries only (the UK, Denmark, Finland, Sweden, Ireland and Greece) as mentioned in this paper.
Journal Article
IT and Entrepreneurism: An On-Again, Off-Again Love Affair or a Marriage?
TL;DR: Van de Ven as discussed by the authors argues that advances in information technologies and the growth of a knowledge-based service economy are transforming the basis of technological innovation and corporate competition, and this transformation requires taking a broader, institutional and political view of information technology and knowledge management.
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A perspective on UK productivity performance
Nicholas Crafts,Mary O'Mahoney +1 more
TL;DR: In this article, the authors reviewed recent UK productivity performance using insights from new growth economics and its embodiment in growth accounting techniques, and found that broad capital per worker plays a larger part with regard to France and Germany while innovation matters more compared with the USA.
References
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Journal ArticleDOI
Exact and superlative index numbers
TL;DR: In this paper, the authors rationalize certain functional forms of index numbers with functional forms for the underlying aggregator function, and show that a certain family of index number formulae is exact for the "flexible" quadratic mean of order r aggregator functions.
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Does the "New Economy" Measure up to the Great Inventions of the Past?
TL;DR: In this article, the authors dissected the recent productivity revival, subtracts out a cyclical component, and concludes that there is no revival of the productivity growth trend in the 88 percent of the private economy lying outside of the durables manufacturing sector.
Posted Content
Long-Run Implications of Investment-Specific Technological Change
TL;DR: In this paper, a balanced growth path for the model is characterized and calibrated to U.S. National Income and Product Account (NIPA) data, and quantitative analysis suggests that investment-specific technological change accounts for the major part of growth.
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Information Technology and the U.S. Productivity Revival: What Do the Industry Data Say?
TL;DR: In this article, the authors examined the link between information technology (IT) and the U.S. productivity revival in the late 1990s and found that the most IT-intensive industries experienced significantly larger productivity gains than other industries and a wide variety of econometric tests show a strong correlation between IT capital accumulation and labor productivity.