TWO TECHNOLOGICAL REVOLUTIONS
成果类型：
Article
署名作者：
Jovanovic, Boyan; Rousseau, Peter L.
署名单位：
New York University; Vanderbilt University
刊物名称：
JOURNAL OF THE EUROPEAN ECONOMIC ASSOCIATION
ISSN/ISSBN：
1542-4766
DOI：
10.1162/154247603322391053
发表日期：
2003
页码：
419-428
关键词：
摘要：
The IPOs of the Electricity/Internal Combustion revolution created more lasting value than the IPOs of the IT revolution. Stock-market data point to two explanations for this. First, computer prices have been falling much faster than did those of electricity and internal combustion in the 1890-1930 period, and so the value of each generation of computer-intensive entrants is reduced by later entrants. And, second, the pre-1973 vintages reacted to the microcomputer relatively quickly, perhaps because the threat of being taken over is now higher than it was 70-100 years ago. (JEL: O3, N2)
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