Technological advancement and the new economy

Author: Yin Xiangshuo
Publisher:
Publish Date: 2002-05-01
Features: Technological progress has always been one of the main driving forces of economic growth. However, the performance of the U.S. economy in the 1990s was indeed unexpected. Do these new phenomena indicate that the productivity driving economic growth (mainly technological factors) has also undergone new changes? If there is a change, how does it affect economic growth? This is the theme the book aims to explore. Since the new economy has just emerged, many phenomena still need further examination, so the research in this book can be said to be exploratory. Chapter 1 is an introduction, providing an overview of the meaning of the new economy and the measurement of technological progress. Chapter 2 reviews the theories and history of technological progress. Mainly, from the comparison of the development of the United States and Japan, we find that the role of technological innovation in economic development is not the same at all times, but it becomes increasingly important as the stage of development advances. Due to the difficulties and high costs of technological innovation, relatively backward countries may catch up at a faster speed, but in the end, who can truly lead depends on the ability to innovate. Since the 1990s, Japan's R