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Information technology accounts for over one-third of recent U.S. 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 many of the world's top macro and micro economists to provide a unique, multifaceted perspective. Through the use of detailed, up-to-date country and industry studies, this book provides the most authoritative and detailed analysis ever assembled into the causes of technological innovation and its relationship to economic performance. The country studies cover the United States, Japan, Germany, France, the United Kingdom, and the Nordic states. Nine industry studies examine the Internet, computers and semiconductors, banking, securities trading, venture capital, energy, agricultural biotechnology, pharmaceutical biotechnology, and automobiles.
Commissioned and brought together for the research project by the world-renowned Council on Foreign Relations, the authors have produced one of the most important compendia in applied economics to be published in recent times.
The contributors are Charles Calomiris, Ian Domowitz, Robert Evenson, Charles Fine, Robert Gordon, Richard Langlois, Josh Lerner, Markku Malkamäki, Patrick Messerlin, Joel Mokyr, David Mowery, Richard R. Nelson, Stephen Nickell, Gary Pisano, Adam Posen, Daniel Raff, Horst Siebert, Timothy Simcoe, Benn Steil, Michael Stolpe, John Van Reenen, David Victor, and Matti Virén.
PART I: INTRODUCTION 1
1. Introduction and Overview by Benn Steil, David G. Victor, and Richard R. Nelson 3
2. Innovation in an Historical Perspective: Tales of Technology and Evolution by Joel Mokyr 23
PART II: COUNTRY STUDIES 47
3. The United States by Robert J. Gordon 49
4. Japan by Adam S. Posen 74
5. Germany by Horst Siebert and Michael Stolpe 112
6. France by Patrick A. Messerlin 148
7. The United Kingdom by Stephen Nickell and John Van Reenen 178
8. The Nordic Countries by Matti VireÂn and Markku Malkamaki 200
PART III: INDUSTRY STUDIES 227
9. The Internet by David C. Mowery and Timothy Simcoe 229
10. Computers and Semiconductors by Richard N. Langlois 265
11. Banking and Financial Intermediation by Charles W. Calomiris 285
12. Securities Trading by Ian Domowitz and Benn Steil 314
13. Venture Capital by Josh Lerner 327
14. Pharmaceutical Biotechnology by Gary P. Pisano 347
15. Agricultural Biotechnology by Robert E. Evenson 367
16. Electric Power by David G. Victor 385
17. Automobiles by Charles H. Fine and Daniel M.G. Raff 416
Author Index 454
Subject Index 459