Enhancing Productivity Growth in the Information Age Measuring and Sustaining the New Economy (2007) / Chapter Skim
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I INTRODUCTION, The Emergence of the New Economy--Dale W. Jorgenson
I INTRODUCTION, The Emergence of the New Economy--Dale W. Jorgenson
Pages 11-16
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From page 13... ...
In 1965 Gordon Moore, then research director at Fairchild Semiconductor, made a prescient observation, later known as Moore's Law.3 Plotting data on integrated circuits, he observed that each new device contained roughly twice as many transistors as the previous one and was released within 12-24 months of its predecessor. This implied exponential growth of chip capacity at 25-50 percent per year!
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From page 14... ...
Continuation of this shorter product cycle for the next decade is consistent with the technological developments projected in the most recent International Technology Road Map for Semiconductors.5 The accelerated IT price decline since 1995 signals faster productivity growth in IT-producing industries -- semiconductors, computers, communications equipment, and software. These industries have accounted for a substantial share of the surge in U.S.
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From page 15... ...
However, investment rather than productivity has been the predominant source of U.S. economic growth throughout the postwar period.
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From page 16... ...
economic growth has now come into clear focus.8 The surge was generated by the accelerating decline of IT prices, propelled by a shift in the semiconductor product cycle from 3 years to 2 in 1995. The price decline set off an investment boom that achieved its peak during the last half of the 1990s and has now recovered much of the momentum lost during the 2001 recession.
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