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What’s right with the US economy
Did accelerated information technology investments create the US labor productivity boom of the late 1990s? Many observers take such an explicit connection for granted. But new research from the McKinsey Global Institute shows that IT was only one of several factors at work—and that, in a handful of competitive industries, the most important cause was managerial innovation, sometimes (but not always) aided by technology. The good news is that many of the innovations underlying the acceleration will continue to generate productivity growth above the long-term trend for the next several year.
The take-away: Any robust explanation of the post-1995 US productivity acceleration must go well beyond IT. Managerial innovations, increased competition (sometimes sparked by regulatory change), and cyclical demand factors were the most important direct causes.
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© 1992-2003 McKinsey & Company, Inc
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