Information technology has revolutionized the economic system of the United States, and it is believed the U.S. economy is now in a long-term, high-growth phase in which growth is being led by rising productivity.
Of course, there is plenty of skepticism about the "New Economy" theory.
Some economists point to the lack of a clear statistical relationship between the advance of IT and changes in industrial productivity, while others warn that the IT boom in the U.S. is merely a bubble phenomenon as illustrated by the recent slump in Internet-related stocks. Nevertheless, it is undeniable that the longest- enduring growth in the postwar U.S. economy has been supported by the IT revolution.
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