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Measuring and Sustaining the New Economy Report of a Workshop (2002) / Chapter Skim
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Investments in Information Technology Applications
Pages 115-118

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From page 115...
... If we work together, we may find interoperative situations that allow and encourage this kind of growth instead of stifling it." INVESTMENTS IN INFORMATION TECHNOLOGY APPLICATIONS Tim Bresnahan Stanford University Dr. Bresnahan returned to the theme discussed by Dr.
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From page 116...
... In the United States, general-purpose software represents about 10 percent of the cost of business information systems to the corporate sector. For custom software the cost of invention is about 20 percent.
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From page 117...
... He mentioned the fraud detection systems that the credit card industry has had to implement, such as those that track three gasoline purchases in the same day and other peculiar transaction patterns. Markets require time to build up such information-processing devices, and he predicted that such business inventions would create bottlenecks in the future.
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From page 118...
... Policy Must Be Pro-Innovation Turning to policy, he suggested strongly that infrastructure policy must be pro-innovation and, to the extent possible, supportive of change. It may be that intellectual property policy is now so protective of individual inventors as to be too protective and even anti-innovative.
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Key Terms

  • create value
  • change business
  • individual companies
  • existing dominant
  • lag time

  • business invention
  • technological boom
  • valuable human
  • potential threats
  • automated teller

  • major concern
  • creation using
  • natural lag
  • bresnahan addressed
  • desired features

  • openness constitute
  • prevent innovation
  • invention draws
  • technical invention
  • commonest explanation

  • technology applications
  • individual inventors
  • using information
  • inherently wasteful
  • accounts receivable

  • meant primarily
  • create bottlenecks
  • transaction patterns
  • raduchel suggested
  • sales people


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