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Demand: The Neglected Participant in the Long Run U.S. Productivity Record

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  • John F. Walker
  • Harold G. Vatter

Abstract

Emphasizing the empirical record, demand influences in U.S. post-World War II economic history are shown to have played a focal role in the standard production function. Public spending appears to have been a strategic component of demand influence on productivity over extended periods. Neither capital nor labor shortages appear in the longest post-war expansions. Neither hours worked nor changes in capital stock regularly vary directly with output.

Suggested Citation

  • John F. Walker & Harold G. Vatter, 1999. "Demand: The Neglected Participant in the Long Run U.S. Productivity Record," The American Economist, Sage Publications, vol. 43(2), pages 73-80, October.
    • Handle: RePEc:sae:amerec:v:43:y:1999:i:2:p:73-80
    DOI: 10.1177/056943459904300208
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