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| Author: | Pohjola, M. |
| Title: | The New Economy in growth and development |
| Journal: | Oxford Review of Economic Policy
2002 : VOL. 18:3, p. 380-396 |
| Index terms: | Economic growth Investment Productivity Information technology Communication |
| Freeterms: | New economy |
| Language: | eng |
| Abstract: | The benefits from the New Economy should accrue as improvements in productivity and economic growth. But while the use of information and communication technology (ICT) seems to have had substantial impact on the performance of the United States economy, the evidence for other countries is much weaker. This study does not find any significant correlation btw. ICT investment and economic growth in the period 198599 for a sample of 42 countries for which ICT spending data are available. Even more surprisingly and in contrast with some previous studies, the relationship is not statistically significant for the subsamples of industrial or high-income countries either. There are at least three possible explanations for this apparent 'productivity paradox'. The most obvious explanation is the fact that not many countries, other than the USA, have yet invested much in ICT. |
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