Raising the Speed Limit: U.S. Economic Growth in the Information Age
Повышение скоростного предела: экономический рост США в информационную эпоху
2000-01-01
SCID: 54.1/bdyrsh9m
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Capital accumulationHours workedInformation technologyTotal factor productivityU.S. economic growth
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Abstract (AI)
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.
Key Findings
1
Information technology drove the acceleration of productivity growth, identified as the most remarkable feature of the U.S. growth resurgence.
2
The late-1990s economic performance reflected rapid capital accumulation, a surge in hours worked, and faster total factor productivity growth.
3
The paper evaluates what these growth developments imply for the future expansion of the U.S. economy.
4
U.S. output growth accelerated by nearly two percentage points in the late 1990s compared with the early 1990s.
Research Object
U.S. economic growth in the late 1990s
Research Subject
The contributions of capital accumulation, hours worked, and information-technology-driven total factor productivity growth to the acceleration of U.S. economic growth
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2000-01-01
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