The study looked at how investing in high-tech equipment affected U.S. manufacturing industries from 1952 to 1991. They found that in the late 1980s, there was too much investment in this equipment, but by the end of the decade, the benefits outweighed the costs. High-tech equipment led to increased demand for most inputs but saved on materials. In durable goods industries, energy and other capital could be replaced by high-tech equipment, while in non-durable goods industries, high-tech equipment led to less need for labor.