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Byline: Karen Lowry Miller
By all accounts, the new economy died three or four years ago. Business cycles do exist. Share prices can fall. Companies eventually have to make money. Bubbles burst. But one aspect of the roaring '90s survived and, indeed, thrived. Investment in new technology helped America produce twice as much per hour worked as it had in the previous quarter century. Productivity grew, on average, 1.5 percent annually from 1973 to 1995. It leaped to 2.5 percent in the second half of the '90s and continued to climb even after the boom ended in 2000. IT spending ground to a halt, but productivity rose a staggering annual 4.3 percent between 2001 and ...