This paper develops new estimates of investment in and output of information and communication technology (ICT). These new estimates imply that GDP growth has been significantly understated, particularly since 1994. A growth-accounting approach is employed to measure the contribution of ICT to...

Does the social rate of return to physical investment exceed the private rate to an economically significant extent? In particular, is the return to investment in plant and machinery very high? We address this question by estimating a number of different models employing cross-section, time...