What's Moving Today's Economy?
To a large extent, arguments that the U.S. has entered a new era of noninflationary robust growth have relied on the idea that the computer revolution is somehow transforming the economy the way earlier technological breakthroughs did. Economist L. Douglas Lee of HSBC Washington Analysis points out, however, that it is not the widespread use of computers, but rather the rising output of computer makers themselves that has produced much of the economy's recent spate of fast-paced inflation-free growth.
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