The development and use of information and communication technologies is one of the key drivers of the ‘knowledge economy.’ In this paper, we investigate the impact of information technology on the output growth of the Singapore economy using the input--output framework. The input--output...

The main purposes of the paper are to reconsider the rationale of the RAS method, and to attempt to improve on its interpretation and usefulness. The substitution and fabrication factors in the RAS method are interpreted as statistical estimates obtained by the method of instrumental variables....