Austan Goolsbee in todays NY Times cites research showing that American firms have been the best at transforming cheap computing power into business productivity (link to article).
Goolsbee (I just love typing that!) cites a paper showing that in sectors like financial services, retail trade, and wholesale trade American takeovers of British firms caused a tremendous productivity advantage over a non-American alternative.
The irrepressible Goolsbee sums up as follows:
Perhaps the lesson from the research can be boiled down to something most Americans clearly understand: The world economy may be tough on your industry but look on the bright side: you could be French.