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Working Paper
The Digital Economy and Productivity
After reviewing the state of digitalization---the use of digital information technology (IT) throughout the economy---we consider the slippery concept of a distinct digital economy and efforts to record it in national accounts. We then anchor the digital economy in a growth accounting framework, augmenting the conventional measure of the IT contribution to productivity---innovation in the production of IT capital plus labor-saving use of IT throughout the economy---with the contribution from the digital platforms that help users navigate the sprawling information landscape. We discuss the ...