INTELLIGENT MACHINE TECHNOLOGY AND PRODUCTIVITY GROWTH |
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Authors: | David P Leech |
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Institution: | 1. Business Division , Villa Julie College , Stevenson, MD, USA;2. TASC, Inc. , 1101 Wilson Blvd, Suite 1600, Arlington, VA, 22209, USA |
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Abstract: | This paper provides preliminary estimates of the productivity impact of intelligent machine technology (IMT) and the rate of return to IMT research and development (R&D) over the next two decades. The paper adapts economists’ traditional productivity growth model to enable the use of industrial experts’ forecasts of a few key parameters of the model to form the estimates of productivity growth and rate of return. Respondents – from a sample of firms operating in IMT development and applications in the automotive, aerospace, and capital construction industries – anticipate that IMT will generate substantial productivity growth over the next two decades, and the estimated social rates of return to IMT R&D are substantial. |
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Keywords: | Intelligent machine technology Productivity growth Research and development |
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