But the newer technologies are spreading to firms not conventionally thought of as high tech.1 It would be an exaggeration to imply that whenever a cost increase emerges on the horizon, there is a capital investment that is available to quell it.
Yet the veritable explosion of high-tech equipment and software spending that has raised the growth of the capital stock dramatically over the past five years could hardly have occurred without a large increase in the pool of profitable projects becoming available to business planners.