The origins of US total factor productivity growth in the golden age
AbstractA consideration of TFP growth in the United States during the golden age (1948–1973) raises two related questions: on the one hand why was it so strong and on the other hand, why were TFP growth rates lower than they were during the Depression years (1929–1941)? A continuing downward trend in TFP growth within manufacturing, and its declining share after World War II, provide answers to the latter question. A persisting productivity windfall associated with the build out of the surface road infrastructure helps answer the former question. By adopting a longer historical perspective, we can move beyond understanding the golden age sui generis, and begin to see it instead as a period reflecting the persistence of trends and developments whose origins are to be found prior to the Second World War.
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Bibliographic InfoArticle provided by Association Française de Cliométrie (AFC) in its journal Cliometrica, Journal of Historical Economics and Econometric History.
Volume (Year): 1 (2007)
Issue (Month): 1 (April)
Productivity; TFP; US macroeconomic history; Manufacturing; Transportation;
Find related papers by JEL classification:
- N12 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - U.S.; Canada: 1913-
- N71 - Economic History - - Economic History: Transport, International and Domestic Trade, Energy, and Other Services - - - U.S.; Canada: Pre-1913
- O47 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
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