In 1990, there was no broadband, no Web, no digital mobile phones, and just 5 million analog cell phones. Consider the world of two decades ago during, say, the administration of President George H.W. To get at some possible answers, it is helpful to step back and look at the recent history of information technology. These are big questions with deep implications for economic policy. One of the most thoughtful doubters, economist Tyler Cowen of George Mason University, however, thinks the Internet is mostly “cheap fun” that isn’t driving job and income growth. The skeptics acknowledge one arena of substantial innovation is the Internet. A supplementary question is whether the technological advances we are making are creating jobs. The automobile was an engine of “the American Century.” There is a great debate, however, about whether American innovation is as potent as it once was. If economic growth is a central objective in our American project, then technology is the engine that must power our way. What was its verdict? “Six-Day Test Shows Motor Car Cheaper and More Efficient Than Animal.” At 1.57 cents per passenger mile versus 1.84 cents, the auto beat the equine – by a nose. Horse.” The crucial inputs in this comparison were oil, gasoline, hay, and oats, and the output was passenger miles per dollar. In October 1910, The New York Times published an analysis of a perplexing new question in transportation technology.
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