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No denying, there was plenty of froth. But the boom was founded on something real. In the 1990s, corporate investment in information technology finally hit critical mass. Computers became a big enough share of the nation’s capital stock to raise overall productivity and growth significantly. A study last year by Federal Reserve economists Stephen Oliner and Daniel Sichel concluded that half of the acceleration in labor productivity improvement of the late 1990s came from equipping workers better ─ “capital deepening”, as it’s called.

The main idea of the paragraph

Despite the froth, the New Economy is founded on the labor productivity improvement resulting from investment in information technology.

虽然有泡沫，新经济的基础是源于信息技术投资的劳动生产率的提高。

词语解释

critical mass

In the 1990s, corporate investment in information technology finally hit critical mass. Here “critical mass” means “a point or situation at which change occurs” 重要或关键时刻

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