Social Savings as a Measure of The Contribution of a New Technology to Economic Growth

The usual way to evaluate the implications of new technology for economic growth is through growth accounting techniques. This methodology has, of course, been widely employed to examine the impact of information and communications technology (ICT) and the results have dominated thinking on the post-1995 growth resurgence in the United States (Oliner and Sichel, 2000) and have been an important ingredient in the debate over Europe's recently disappointing productivity growth (Hurst and Uppenberg, 2001).[...]