ICT, innovation and the e-economy

The revival in US productivity growth since the mid-1990s is linked to a surge in investment in information and communication technologies (ICT). Against the backdrop of a weakening link between productivity and traditional innovation inputs (e.g. RD 2) faster and cheaper business experimentation; 3) more widespread and easier sharing of ideas; and 4) the ability to replicate innovations more quickly and more accurately. This mutually reinforcing sequence amounts to a new kind of R&D, with far-reaching implications for public policy.

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