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During the 1980s and into this decade, U.S. businesses poured billions of dollars into computers and other information technology. Yet the productivity performance of the U.S. economy in the 1980s remained lackluster--especially in the service sector--leading many observers to suspect that companies were not getting their money's worth from these high-tech investments. At the same time, academic research found little evidence of a productivity payoff. But have the tables now turned? With an apparent improvement in productivity in recent years, much academic and popular opinion now suggests that the payback is at hand or just around the corner. As the nation embarks on a major effort to devel...
As the accelerated technological advances of the past two decades continue to reshape the United States' economy, intangible assets and high-technology investments are taking larger roles. These developments have raised a number of concerns, such as: how do we measure intangible assets? Are we accurately appraising newer, high-technology capital? The answers to these questions have broad implications for the assessment of the economy's growth over the long term, for the pace of technological advancement in the economy, and for estimates of the nation's wealth. In Measuring Capital in the New Economy, Carol Corrado, John Haltiwanger, Daniel Sichel, and a host of distinguished collaborators of...
From the acclaimed authors of Capitalism without Capital, radical ideas for restoring prosperity in today’s intangible economy The past two decades have witnessed sluggish economic growth, mounting inequality, dysfunctional competition, and a host of other ills that have left people wondering what has happened to the future they were promised. Restarting the Future reveals how these problems arise from a failure to develop the institutions demanded by an economy now reliant on intangible capital such as ideas, relationships, brands, and knowledge. In this groundbreaking and provocative book, Jonathan Haskel and Stian Westlake argue that the great economic disappointment of the century is t...
In recent years, regulators and businesses have struggled to keep pace with an onslaught of new technologies that has dramatically changed the world's telecommunications networks. This book gathers together research intended for those who must grapple with these changes -- the people who must decide whether and how to deploy new telecommunications technologies, and those who must regulate the technologies. The research is divided into three sections focusing on the past, present and future of telecommunications innovations. The first section, Lessons from the Past, examines what lessons concerning adoption and regulation can be learned by studying the diffusion of recent telecommunications technologies. The second section, Decision Making with Respect to Diffusing Technologies, examines possible improvements to the decision-making processes used by companies and regulators in the face of limited information and dynamic markets. The final section, Public Policy and Future Diffusion, examines public policy implications for future technologies.
The positive social benefits of low unemployment are many—it helps to reduce poverty and crime and fosters more stable families and communities. Yet conventional wisdom—born of the stagflation of the 1970s—holds that sustained low unemployment rates run the risk of triggering inflation. The last five years of the 1990s—in which unemployment plummeted and inflation remained low—called this conventional wisdom into question. The Roaring Nineties provides a thorough review of the exceptional economic performance of the late 1990s and asks whether it was due to a lucky combination of economic circumstances or whether the new economy has somehow wrought a lasting change in the inflation...
Alternative strategies of economic development have received little attention in the literature. Academics rarely compare certain strategic features or assess the performance of different strategies in terms of outcomes. This book seeks to address that gap and to provide a theoretical background to the shift from industry to human capital-intensive services as the engine of economic growth. Pioneering studies reveal interesting trends and patterns that point to the growing importance of intangible capital for the level of GDP. They also indicate a much greater role of economic freedom in bringing about this second great structural change than was the case with industrialization. With this perspective on structural change and the role of freedom, Shortcut or Piecemeal also provides an extensive assessment of four key developing countries: Brazil, Russia, India, and China. Subjects: 1. Central planning—History. 2. Economic development—History
This paper constructs a data set to document firms' expenditures on an identifiable list of intangible items and examines the implications of treating intangible spending as an acquisition of final (investment) goods on GDP growth for Canada. It finds that investment in intangible capital by 2002 is almost as large as the investment in physical capital. This result is in line with similar findings for the U.S. and the U.K. Furthermore, the growth in GDP and labor productivity may be underestimated by as much as 0.1 percentage point per year during this same period.
This paper measures the size of the stock of intangible capital in Canada using newly released data on the market value of all securities in the economy. The approach taken relies on a quantitative application of the q-theory of investment to generate the quantity of capital owned by firms. I find that the intangible capital stock accounted for approximately 30% of overall capital since 1994. Of this intangible capital stock, the R&D reported by national accounts makes up only 23%. In addition, the finding on the magnitude of the intangible capital stock is comparable to that reported using a cost approach, confirming the size and the relevance of intangibles to macroeconomic models.
"Examines the decline in saving in the United States over the past quarter-century. Is it a statistical artifact of the official measure of saving? Why don't Americans save? What are the consequences for economic growth, the performance of the aggregate economy, and policy goals?"--Provided by publisher.
This report reviews a variety of partnership programs in the United States, and finds that partnerships constitute a vital positive element of public policy, helping to address major challenges and opportunities at the nexus of science, technology, and economic growth.