By Robert J. Gordon
Seventeen essays comprise 3 formerly unpublished works and provide sharply etched perspectives at the relevant themes of macroeconomics: development, inflation, and unemployment. Robert Gordon re-examines their salient issues in a brand new obtainable creation to trendy macroeconomics. all the 4 components into which the essays are grouped additionally deals a brand new advent. The foreword via Nobel Laureate Robert M. Solow reviews at the carrying on with value of those essays which date from 1968 to the current.
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But the fact of extreme diminishing returns in computers argues against the David (1990) delay hypothesis. The reason that electric light and electric motors took time to diffuse is that initially they were very expensive and did not work very well. But computers provided powerful beneﬁts early on. Many of the industries that are the heaviest users of computer technology – like airlines, banks, and insurance companies – began in the 1960s and 1970s with mainframe technology and still perform the most computation-intensive activities on mainframes, often using personal computers as smart terminals to access the mainframe database.
PRODUCTIVITY GROWTH Since computer prices have been declining at rapid rates for the last ﬁfty years, the phrase “New Economy” must mean that something more and different has happened in the last few years. 2 percent during 1996–9. These growth rates do not mean that the prices of computers as listed on store shelves and websites literally fell by this amount. S. national accounts, computer prices since 1986 have been measured by the “hedonic” regression technique, in which the prices of a variety of models of computers are explained by the quantity of computer characteristics and by the passage of time.
6 These composition-adjusted estimates should be viewed as the preferred measures of the growth rates of labor and capital input. However, the estimates in lines 2–6 that exclude the composition adjustments are useful for comparability with other unadjusted quarterly data, some of which will be explored later in this paper. ” I have attributed the outstanding performance of the golden years to the role of the great inventions of the late nineteenth and early twentieth century mentioned in the introduction and discussed further below.