To listen to many economists, pundits and policymakers discuss the economics of growth it would be easy to be confused by the commonly used terms: competitiveness, innovation and productivity. These terms are often used almost interchangeably and with little precise meaning. To remedy the situation, this policy memo defines these terms and explains how each is important in driving economic prosperity.
Is Technological Change Speeding Up? How Can You Tell?
Technological change is important for our economy but it can be difficult to measure, because of our bias toward the present, because each change is different, and because technologies are complexly interrelated to our economy. We can get around these problems by measuring technological change in simplified ways--but none of the techniques are perfect.
Just the Facts: The Benefits of Information and Communications Technology
A prominent economist once stated, "computer chips, potato chips, what's the difference." The short answer is "a lot." Fifty-five years after the invention of the integrated circuit and 28 years after the first dot-com website was registered, information and communications technology (IT) remains a central driver of innovation and prosperity.
This fact sheet lists 53 documented economic benefits of IT, from jobs and output to competitiveness and innovation.