Overview

"One of the most important forces driving economic performance in the United States and other countries during the 1990s was the rise of information technology. The new technology has had such a significant impact on the economy that ""the new economy"" emerged as a popular term in both the media and academia. This book, written in an accessible style, examines basic questions about the effects of information technology on various aspects of the economy. The topics include the relation between innovation and the stock market value of the innovating firms; competition policy; demand factors as determinants of growth; institutional aspects of the innovation process; and the effectiveness of monetary policy in stabilizing the economy."

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After a decade of debate, there is now a consensus among economists on the central role of information technology as driver of economic growth in today's economy. But, as the papers in this volume illustrate, the real key to productivity growth is not the technology itself, but rather the corporate and governmental institutions that the technology enables and requires. Bai and Yuen have assembled a group of the world's top scholars to grapple with these issues, and the result is essential reading for any serious student of technological change and growth. --Erik Brynjolfsson, Schussel Professor of Management Science and Director, Center for eBusiness, Sloan School of Management, MIT

Author Information

Chong-En Bai is Associate Professor of Economics and Finance at the University of Hong Kong. Chi-Wa Yuen is Associate Professor of Economics and Finance at the University of Hong Kong.

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