Technological Innovation and Economic Performance

Information technology accounts for over one-third of recent US GDP growth and nearly two-thirds of corporate capital investment. "The New Economy" appears omnipresent, but little is actually known about its workings. This seminal volume brings together the research and critical thinking of 23 of the world's top macro and micro economists to provide a multifaceted perspective. Through the use of detailed, country and industry studies, this book provides an authoritative and detailed analysis into the causes of technological inniovation and its relationship to economic performance. The country studies cover United States, Japan, Germany, France and the United Kingdom, and the Nordic states. Nine inddustry studies examine the Internet, computers and semiconductors, banking, securities trading, venture capital, energy, agricultural biotechnology, pharmaceutical biotechnolgy, and automobiles. Commissioned and brought tohgether for the research project by the world-renowned Council on Foreign Relations, the authors have produced an important compendia in applied economics. The contributors are Charles Calomiris, Ian Diomowitz, Robert Evenson, Charles Fine, Robert Gordon, Richard Langloi

Benn Steil is André Meyer Senior Fellow in International Economics at the Council on Foreign Relations. David G. Victor is Robert W. Johnson, Jr., Senior Fellow and Director of the Science and Technology program at the Council on Foreign Relations. Richard R. Nelson is George Blumenthal Professor of International and Public Affairs, Business and Law at Columbia University.