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Boyan Jovanovic, Peter L. Rousseau
NBER Working Paper No. 8762
Issued in January 2002
NBER Program(s): PR
---- Abstract -----
We model Moore's Law as efficiency of computer producers that rises as a by-product of their experience. We find that (1) Because computer prices fall much faster than the prices of electricity-driven and diesel-driven capital ever did, growth in the coming decades should be very fast, and that (2) The obsolescence of firms today occurs faster than before, partly because the physical capital they own becomes obsolete faster.
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