19
Impact of IT on the economy, 2004
z“We have completed our
program of attributing US economic
growth to its sources at the industry level. … Our first conclusion is that many of the concepts used in earlier industry-level growth accounting should be replaced … investments in information technology and higher education stand out
as the most important sources of growth at both industry and economy-wide levels … the restructuring of the American economy in response to the progress of information technology has been massive and continuous …”
xDale W. Jorgenson, Harvard, Mun S. Ho, Resources for the Future, and Kevin J. Stiroh, Federal Reserve Bank of NY,
“Growth of US Industries and
Investments in Information Technology and Higher Education”