English, Article edition: Technology Adoption Costs and Productivity Growth: The Transition to Information Technology James Bessen

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  • article
Language
  • English

Edition details

Title
  • Technology Adoption Costs and Productivity Growth: The Transition to Information Technology
Author
  • James Bessen
Physical Description
  • article
Notes
  • Using two panels of U.S. manufacturing industries, this paper estimates capital adjustment costs from 1961 to 1996. I find that from 1974-83 adjustment costs rose sharply --they more that doubled from about 3% of output to around 7%. Moreover, this increase is specifically associated with a shift to investment in information technology. But such large adoption costs imply that the Solow residual mismeasures productivity growth: adoption costs are resource costs representing an unmeasured investment. I find that when this investment is included, productivity grew about 0.4% per annum faster than official measures during the 70's and early 80's, reducing the size of the productivity "slowdown." Indeed, estimated productivity growth rates were roughly the same from 1974-88 as from 1949-73. Thus technology transitions critically affect productivity growth measurement. (Copyright: Elsevier)
  • Technological change, productivity, adjustment cost, information technology
  • RePEc:red:issued:v:5:y:2002:i:2:p:443-469
Language
  • English
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