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By Technology, and Economic Policy Board on Science, National Research Council

Maintaining the recent economic climate would require public guidelines that stay correct to the swift technological adjustments that signify it. whereas info and its well timed research are key to potent policy-making, we don't but have enough statistical photographs taking pictures alterations in productiveness and progress led to via the knowledge know-how revolution. This document on a STEP workshop highlights the necessity for additional info and the demanding situations confronted in measuring the hot economic climate and maintaining its progress.

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Cerf began by suggesting a parallel between the generation of electric power and its distribution over copper wires and the generation and distribution of information and computation via the Internet. It is well known that electric motors run 24 hours a day doing chores, many of which are invisible, such as powering the compressors of household refrigerators. We each are likely to depend on tens to hundreds of these motors, often without being aware of them, as part of our modern infrastructure.

2000. ” Journal of Economic Perspectives 14(4) Fall. 12Robert E. Litan and Alice M. C. org>. The conference was sponsored jointly by the Internet Policy Institute, the Brookings Institution, the Berkeley Roundtable for the International Economy, the Department of Commerce, and the Organization for Economic Cooperation and Development. 13Litan and Rivlin, op. cit. (pages unnumbered). 14 MEASURING AND SUSTAINING THE NEW ECONOMY Box B: Total Factor Productivity Total Factor Productivity (TFP) measures the efficiency with which both the labor and capital factor resources are used to produce output.

E. Triplett. 1999. ” Canadian Journal of Economics 32 (2) April, pp. 309-34. 9Jorgenson and Stiroh, op. , p. 2. 10Ibid. S. economy. 4 percent per year during the period 1995-1998. 11 Economic Impact of the Internet Along with the rise in productivity grew the expectation that new information technologies would improve business practices, generate spillovers to other industries, and raise productivity throughout the economy. 12 The prospect of savings made possible by applying information technology has resulted in some tantalizing estimates.

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