Dr. Spencer said that it was widely recognized that the semiconductor industry had contributed not only to spectacular growth in that industry but also to economic growth in general. He expressed hope that the lessons shared during the symposium would help that industry maintain high growth and productivity over the decades to come, and then said that he thought the outlook was very good. He then introduced Clark McFadden as chair of the first session.


ness of such technologies. For an excellent discussion and treatment of this topic, which also touches on the semiconductor as a GPT, see Timothy F. Bresnahan and M. Trajtenberg, “General-Purpose Technologies: ‘Engines of Growth’?” Journal of Econometrics, January 1995 pp. 83-108.

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