ACADEMIC ARTICLE SUMMARY
Productivity: An Illustrative Survey
Article Source: Economic Policy Research Center, University of WashingtonTime to Read: 1 minute read
This paper looks at how technology makes everyone better off.
In past years, falling prices of information technology have fuelled enormous economic growth around the world.
- Increases in productivity make everyone better off, because workers and firms do more with the same resources.
- In the world’s leading economies, the falling prices of information technology (IT) equipment and software have led to an investment boom.
- Both IT-producing and IT-using industries increased economic and productivity growth dramatically.
- In this new environment, economic growth is fuelled by different sectors than those that fuelled growth in the past.