Estimates produced by the OECD indicate that labour productivity levels are higher in a number of European countries than in the United States, implying that Europe and not the United States is the world technological leader. The author argues that a structural measure of labour productivity,...

Since 1995, productivity growth has accelerated significantly in the United States. Information technology has always been thought to be the driving force behind this development. In this article by Kevin Stiroh of the Federal Reserve Bank of New York provides strong empirical support for this...