Measuring productivity in the new economy

Mircea Udrea
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Mircea Udrea: CERONAV - Romanian Maritime Training Centre

Romanian Economic Business Review, 2007, vol. 2, issue 3, 60-67

Abstract: The neo-classical theory of production identified only two production factors: labour and capital. Paul Romer proposed a change to the neo-classical model by introducing the technology (and implicitly knowledge on which it is based) as an inherent factor of the economic system. The Internet economy offers the possibility to develop the businesses in a totally new way by innovatively using the IT&C. This increase is highlighted by the increase of the Multifactor Productivity in the late 1990’s in the USA economy.

Keywords: productivity; neo-classical theory; internet economy; economic system (search for similar items in EconPapers)
Date: 2007
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Persistent link: https://EconPapers.repec.org/RePEc:rau:journl:v:2:y:2007:i:3:p:60-67

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