The Third Industrial Revolution : Technology , Productivity , and Income Equality

@inproceedings{Gort1999TheTI,
  title={The Third Industrial Revolution : Technology , Productivity , and Income Equality},
  author={Michael Gort and Saqib Jafarey and Peter Rupert},
  year={1999}
}
The authors analyze the measurement of the capital stock when technological advance is embodied in capital. The source of the problem is that capital is not homogeneous across vintages. Which measure of the capital stock to use is dictated by the question being addressed. Economic Review is published quarterly by the Research Department of the Federal Reserve Bank of Cleveland. To receive copies or to be placed on the mailing list, e-mail your request to maryanne.kostal@clev.frb.org or fax it… CONTINUE READING