"The IT-producing industries generate less than five percent of gross
domestic income, but have accounted for nearly half the surge in productivity growth since 1995."
ACCOUNTING FOR GROWTH IN THE INFORMATION AGE by Dale W. Jorgenson. A *must* read.
More points:
"Figure 1.1 also reveals a sharp acceleration in the decline of
semiconductor prices in 1994 and 1995. The microprocessor price decline leapt to more than ninety percent per year as the semiconductor industry shifted from a three-year product cycle to a greatly accelerated two-year cycle."
"Much communications investment takes the form of the transmission gear, connecting data, voice, and video terminals to switching equipment. Technologies such as fiber optics, microwave broadcasting, and communications satellites have progressed at rates that outrun even the dramatic pace of semiconductor development".
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