000			01248nam a22001577a 4500
999			_c517418 _d517418
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100			_aBrynjolfsson, E., Rock, D. and Syverson, C. _926621
245			_aThe productivity j-curve: How intangibles complement general purpose technologies
260			_aAmerican Economic Journal: Macroeconomics
300			_a13(1), Jan, 2021: p.333-372
520			_aGeneral purpose technologies (GPTs) like AI enable and require significant complementary investments. These investments are often intangible and poorly measured in national accounts. We develop a model that shows how this can lead to underestimation of productivity growth in a new GPTs early years and, later, when the benefits of intangible investments are harvested, productivity growth overestimation. We call this phenomenon the Productivity J-curve. We apply our method to US data and find that adjusting for intangibles related to computer hardware and software yields a TFP level that is 15.9 percent higher than official measures by the end of 2017. – Reproduced
650			_aInvestment; Capital; Intangible Capital; Capacity _926622
773			_aAmerican Economic Journal: Macroeconomics
906			_aINVESTMENT
942			_cAR