Authors libby rittenberg 97
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Source: Based on Dale W. Jorgenson, “Accounting for Growth in the
Information Age,” Handbook of Economic Growth, Phillipe Aghion and
Steven Durlauf, eds. Amsterdam: North Holland, 2005.
Another way of looking at these data for the most recent period is to notice
that the increase in the rate of economic growth between the 1989 to 1995
period and the 1995 to 2002 period of more than one percentage point per
year is largely explained by better-quality capital and better technology.
The study by economist Dale Jorgenson on which the data shown in Table
2.1 "Sources of U.S. Economic Growth, 1948–2002" are derived notes that
these two main contributors to higher economic growth can be largely
attributed to the development of information technology and its
incorporation in the workplace.
Waiting for Growth
One key to growth is, in effect, the willingness to wait, to postpone current
consumption in order to enhance future productive capability. When Stone
Age people fashioned the first tools, they were spending time building
capital rather than engaging in consumption. They delayed current
consumption to enhance their future consumption; the tools they made
would make them more productive in the future.
Resources society could have used to produce consumer goods are being
used to produce new capital goods and new knowledge for production
instead—all to enhance future production. An even more important source
of growth in many nations has been increased human capital. Increases in
human capital often require the postponement of consumption. If you are a
college student, you are engaged in precisely this effort. You are devoting
Attributed to Libby Rittenberg and Timothy Tregarthen
Saylor URL: />
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