Information and Communication Technologies in a Multi-Sector Endogenous Growth Model
This paper investigates the impact of Information and Communication Technologies (ICT) ongrowth in an economy, consisting of three sectors, ICT-producing, ICT-using and non-ICT-using.The benefits from ICT come from the falling prices of the ICT-using sector's good,which is used for the production of intermediate goods. Their falling prices provideincentives for investment for sectors using them, so the non-ICT using sector experiencessustained growth driven by capital accumulation. Rates of growth across the three sectorsdiffer, but the aggregate economy is on a balanced growth path with constant labour sharesacross sectors. US evidence confirms the model's predictions.
multi-sector economy, endogenous growth, balanced growth path, Informationand Communication Technologies
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