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THE ECONOMIC IMPACT OF INFORMATION TECHNOLOGIES AFTER THE FINANCIAL CRISIS Dale W. Jorgenson, Harvard University
http://economics.harvard.edu/faculty/jorgenson/

Keynote Lecture to the Annual Conference of the Association des Économistes Québécois Hôtel Hilton du Casino du Lac-Leamy Gatineau, Québec May 19, 2011

INTRODUCTION TO THE WORLD KLEMS CONSORTIUM
World KLEMS Consortium
Formed August 19-20, 2010

What’s New?
70 NAICS Industries Covering 1960-2007

Before the Crisis
The IT Boom, the Dot-Com Crash, and the Jobless Recovery

After the Crisis
Continuing Economic Growth and Convergence

EU KLEMS PROJECT
Initial Release:
March 15, 2007

25 EU Economies:
U.S., Canada, Japan, and Korea

Data Sources:
Labor, Capital, and Intermediate Input

Completion Date:
June 30, 2008

IT-RELATED INDUSTRIES IT-Producing Industries
Computer and peripheral equipment manufacturing Communications equipment manufacturing Semiconductor and other electronic component manufacturing Software publishing Information and data processing services Computer systems design and related services

IT-Using Industries
Construction Machinery Motor vehicles bodies and trailers and parts Other transportation equipment Miscellaneous manufacturing Printing and related support activities Wholesale Trade Retail Trade Air transportation Water transportation Truck transportation Transit and ground passenger transportation Pipeline transportation Other transportation and support activities Broadcasting and telecommunications Federal Reserve banks credit intermediation and related activities Securities commodity contracts and investments Insurance carriers and related activities Rental and leasing services and lessors of intangible assets Legal services Miscellaneous professional scientific and technical services Management of companies and enterprises Administrative and support services Waste management and remediation services Educational services Hospitals Nursing and residential care facilities Social assistance Performing arts spectator sports museums and related activities Other electronic products Newspaper; periodical; book publishers

NON-IT INDUSTRIES
Farms Forestry fishing and related activities Oil and gas extraction Mining except oil and gas Support activities for mining Utilities Wood products Nonmetallic mineral products Primary metals Fabricated metal products Electrical equipment appliances and components Furniture and related products Food and beverage and tobacco products Textile mills and textile product mills Apparel and leather and allied products Paper products Petroleum and coal products Chemical products Plastics and rubber products Rail transportation Warehousing and storage Motion picture and sound recording industries Funds trusts and other financial vehicles Ambulatory health care services Amusements gambling and recreation industries Accommodation Food services and drinking places Other services except government Federal General government Federal Government enterprises S&L General Government S&L Government enterprises Real estate Household

ROLE OF INFORMATION TECHNOLOGY: Growth of Output
OUTPUT SHARES OF IT:
Computers, Communications Equipment, Semiconductors, Software, Information and Data Processing Services, Computer Systems Design and Related Services

OUTPUT CONTRIBUTION BY TYPE:
Computers, Communications Equipment, Semiconductors, Software, Information and Data Processing Services, Computer Systems Design and Related Services

OUTPUT CONTRIBUTION OF IT:
IT-Producing, IT-Using, and Non-IT Value Added

Relative Prices of IT Industry Output, 1960-2007
1000

100

Log Scale (2000=1)

10

1

0.1

Information and data processing services Computer and peripheral equipment manufacturing Semiconductor and other electronic component manufacturing

Computer systems design and related services Communications equipment manufacturing Software publishing

Value Added...
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