Latest-findings-software-engineering
After the mid-1990s, both
labor and total factor productivity (TFP) accelerated within the us. A large body of
labor has explored the sources and breadth of the U.S. acceleration. Much of this research focuses on the role of data and technology (ICT). In this paper, we undertake two tasks. First, we undertake detailed growth
accounting at an industry level for data from 1987-2004. Second, we use these results to point out that the straightforward ICT explanation for the U.S. TFP acceleration is incomplete at the best . In standard neoclassical growth theory, the utilization of ICT throughout the
economy leads to capital deepening, which boosts
labor productivity in ICT-using sectors—but doesn't change TFP in sectors that only use but don't produce ICT. TFP growth in producing ICT goods shows up directly within the economy’s aggregate TFP growth. From the attitude of neoclassical economics, there's no reason to expect an acceleration within the pace TFP growth outside of ICT production. But, according to a growing body of literature, we discover that the TFP acceleration was, in fact, broadbased—not narrowly located in ICT production. Basu, Fernald and Shapiro (2001), in an early study, found a quantitatively important acceleration outside of producing . Triplett and Bosworth (2006, though the first working paper was 2002) highlighted the finding that the late-1990s TFP acceleration was due, during a proximate sense, to the performance of the service sector.
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