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This study is intended to examine whether information and communications technology (ICT) has contributed to aggregate productivity growth in Japan over the last two decades. Growth accounting analysi...s yields two observations. First, investment in ICT accelerated in Japan in the 1980s and slowed down in the 1990s. Second, the periodical changes of multifactor productivity growth and the contribution of ICT capital assets have always run in a parallel direction since the 1980s. Therefore, the “Solow paradox” has never been observed in Japan. Nevertheless, another puzzle emerges: why did Japan’s investment in ICT slow down in the 1990s in spite of its potential for productivity growth? A possible explanation might be that there have been some impediments in the Japanese economic system to reap the benefits of information and communications technology.show more
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