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1、ContributionofICTtotheChinese信息和通信技术对屮国经济增长的贡献EconomicGrowthAlmasHeshmati*andWanshanYangTheRATIOInstituteandTechno・EconomicsandPolicyProgramCollegeofEngineering,SeoulNationalUniversitySan56-1Shinlim-dong,Kwanak-guSeoul151-742,Korea,Phone:++82-2-880-9141,Fax:++82-2-880-8389E-mail:he
2、shmati@snu.ac.krFebruary2006ABSTRACTTheviewaboutsystematicirrationalityofinvestorsandmanagersininvestmentwithreferencetoinformationandcommunicationtechnology(ICT)withnoeffectsonproductivitygrowthiscalledproductivityparadox・ResearchsuggeststhatICTreturnindevelopednationsissignifican
3、tandpositive,butnotindevelopingcountries.ThispaperchallengestheaboveconclusionbyexaminingthecontributionofICTtotheChineseeconomicgrowth.WeinvestigatetherelationshipbetweenTFPgrowthandICTcapitalandprovideestimationofthereturnstoICTinvestment.ThecontributionofICTtoeconomicgrowthhasno
4、tbeenstudiedearlierforthedevelopingcountrieslikeChina.TheempiricalresultssuggestthatChinahasreapedthebenefitsofICTinvestment.ThepolicyimplicationsfortheChineseICTinvestmentanddevelopmentarealsodiscussed.TheresultsaddtoourunderstandingofhowICTaffectsgrowthinthecontextofeconomicdevel
5、opment.Keywords:Productivityparadox,ICT,economicdevelopment,TFPgrowth,ChinaJELClassificationNumbers:D24,E22,047Correspondingauthor.TheauthorswouldliketothankAmitKumarBhandari,AliceShiuandparticipantsofseminaratTEPPfortheircommentsandsuggestionsonanearlierversionofthispapc匚1.INTRODU
6、CTIONFromthebeginningof1980s,whentheinformationagewasinitiated,therehasbeenalong-runningdebateineconomicliteraturesonwhethertheinformationandcommunicationtechnology(ICT)revolutionisbeingpaidoffinproductivityimprovement.WhenRobertSolow,theNobelLaureateEconomist,commentedthat,“youcan
7、seethecomputerageeverywherebutnotintheproductivitystatistics^,thedoubtofthefundamentaleconomicprinciplethatinvestorsandmanagersarcnotsystematicallyirrationalroseamongthebusiness,organizations,government,andmanagementresearchers.Thisisthesocalledproductivityparadox(DedrickandKraemer
8、,2001).However,inrecentyea
