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II Proceedings -- Introduction--Dale W. Jorgenson
Pages 29-35

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From page 31... ... Economy. The program, whose agenda he acknowledged as very ambitious, was the fourth in the Board's series "Measuring and Sustaining the New Economy." The series was begun in the midst of a tremendous economic boom, and although conditions had changed, the basic structural factors had not: A new economy has in fact had momentous impact on productivity growth in the United States and around the world, and it is therefore of great importance for economic policy and for the country's future.1 1In the context of this analysis, the New Economy does not refer to the boom economy of the late 1990s. Read the entire page →
From page 32... ... Jorgenson noted that it began by addressing a hardware phenomenon, the development of semiconductor technology, which he called "the most basic story of the New Economy." He used a graph to illustrate its driving force: the growth of capacity on memory chips and on logic chips, which are the basic hardware components for computers, and, increasingly, for communications equipment as well (See Figure 1) Read the entire page →
From page 33... ... As a result of this "very satisfactory situation," economists have a clear idea of the obviously momentous effect that computers have on economic growth. Read the entire page →
From page 34... ... Semiconductor prices have been declining even more rapidly, about 50 percent a year for logic chips and about 40 percent a year for memory chips. His next chart, based on a historic series constructed by BEA, showed prepackaged software prices declining at rates comparable to those of hardware as represented by computers and by communications equipment; prices of the latter, which relies increasingly on semiconductor technology, have behaved rather similarly to those of computers (See Figure 3) Read the entire page →
From page 35... ... NOTE: All price indexes are divided by the output price index. Read the entire page →

From page 31...

... Economy. The program, whose agenda he acknowledged as very ambitious, was the fourth in the Board's series "Measuring and Sustaining the New Economy." The series was begun in the midst of a tremendous economic boom, and although conditions had changed, the basic structural factors had not: A new economy has in fact had momentous impact on productivity growth in the United States and around the world, and it is therefore of great importance for economic policy and for the country's future.1 1In the context of this analysis, the New Economy does not refer to the boom economy of the late 1990s.

Read the entire page →

From page 32...

... Jorgenson noted that it began by addressing a hardware phenomenon, the development of semiconductor technology, which he called "the most basic story of the New Economy." He used a graph to illustrate its driving force: the growth of capacity on memory chips and on logic chips, which are the basic hardware components for computers, and, increasingly, for communications equipment as well (See Figure 1)

Read the entire page →

From page 33...

... As a result of this "very satisfactory situation," economists have a clear idea of the obviously momentous effect that computers have on economic growth.

Read the entire page →

From page 34...

... Semiconductor prices have been declining even more rapidly, about 50 percent a year for logic chips and about 40 percent a year for memory chips. His next chart, based on a historic series constructed by BEA, showed prepackaged software prices declining at rates comparable to those of hardware as represented by computers and by communications equipment; prices of the latter, which relies increasingly on semiconductor technology, have behaved rather similarly to those of computers (See Figure 3)

Read the entire page →

From page 35...

... NOTE: All price indexes are divided by the output price index.

Read the entire page →

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II Proceedings -- Introduction--Dale W. Jorgenson Pages 29-35

II Proceedings -- Introduction--Dale W. Jorgenson
Pages 29-35