Productivity growth: current recovery And longer-term trends

摘要

The rapid diffusion of information technol- ogy (IT) is a direct consequence of the swift decline in the price of computer-related equip- ment, which has led to a vast and continuing substitution of IT equipment for other forms of capital and labor. This substitution gener- ates substantial returns for the economic agents who undertake IT investments and re- structure their activities in order to increases the role of IT. There is little evidence, however, that substitution is accompanied by technical change as this term is used by economists.