This paper develops an econometric model of investment behavior for the regulated industries in the United States. In these industries the firm faces a regulatory constraint; regulatory agencies fix the price of output on the principle of a given rate of return applied to the value of assets as...

In this article we quantify the costs of pollution controls by reporting the results of simulations of the growth of the U.S. economy with and without regulation. For this purpose, we have constructed a detailed model of the economy that includes the determinants of long-term growth. We have...

The economic development in the 1990s with the most important long-term consequences was the acceleration of productivity growth in the United States after 1995. In this article, Dale W. Jorgenson of Harvard University, Mun S. Ho from Resources for the Future, and Kevin J. Stiroh of the Federal...

This paper analyzes the impact of investment in information technology (IT) on the recent resurgence of world economic growth. We describe the growth of the world economy, seven regions, and fourteen major economies during the period 1989-2004. We allocate the growth of world output between...

In this paper we compare sources of economic growth in Japan and the United States from 1973 through 2000, focusing on the role of information technology (IT). We have adjusted Japanese data to conform to U.S. definitions in order to provide a rigorous comparison between the two economies. The...

A New Architecture for the U.S. National Accounts brings together a distinguished group of contributors to initiate the development of a comprehensive and fully integrated set of United States national accounts. The purpose of the new architecture is not only to integrate the existing systems of...

This paper considers the relative importance of investment and productivity in the growth of the G7 countries during the period 1960-89. Investment is the commitment of resources in the expectation of future returns to the investor. Productivity is identified with 'spillovers' of benefits that...

The massive reconfiguration of the world economy over the next decade will lead to a New Economic Order by 2020. China will displace the U.S. as the world's leading economy and India will overtake Japan. This will shift the balance of the G20 from the leading industrialized economies of the G7...