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A Vision of the Growth Process in a Technologically Progressive Economy: the United States, 1899-1941

Author

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  • Bakker, Gerben
  • Crafts, Nicholas
  • Woltjer, Pieter

Abstract

W edevelopnew aggregateandsectoralT otalFactorP roductivity (T FP )estim atesfortheU nitedS tates betw een1899 and1941 throughbettercoverageofsectorsandbetterm easuredlaborquality,and show T FP -grow thw aslow erthanpreviously thought,broadly basedacrosssectors,strongly variant intertem porally,andconsistentw ithm any diversesourcesofinnovation.W ethentestandrejectthree prom inentclaim s.First,the1930sdidnothavethehighestT FP -grow thofthetw entiethcentury. S econd,T FP -grow thw asnotpredom inantly causedby fourleadingsectors.T hird,T FP -grow thw asnot causedby a‘yeastprocess’ originatinginadom inanttechnology suchaselectricity.

Suggested Citation

  • Bakker, Gerben & Crafts, Nicholas & Woltjer, Pieter, 2015. "A Vision of the Growth Process in a Technologically Progressive Economy: the United States, 1899-1941," Economic Research Papers 269726, University of Warwick - Department of Economics.
    • Handle: RePEc:ags:uwarer:269726
    DOI: 10.22004/ag.econ.269726
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    1. Petra Moser & Alessandra Voena & Fabian Waldinger, 2014. "German Jewish ?migr?s and US Invention," American Economic Review, American Economic Association, vol. 104(10), pages 3222-3255, October.
    2. Paul A. David & Gavin Wright, 1999. "Early Twentieth Century Productivity Growth Dynamics: An Inquiry into the Economic History of "Our Ignorance"," Oxford University Economic and Social History Series _033, Economics Group, Nuffield College, University of Oxford.
    3. Nicholas Crafts, 2004. "Steam as a general purpose technology: A growth accounting perspective," Economic Journal, Royal Economic Society, vol. 114(495), pages 338-351, April.
    4. Bakker, Gerben, 2013. "Money for nothing: How firms have financed R&D-projects since the Industrial Revolution," Research Policy, Elsevier, vol. 42(10), pages 1793-1814.
    5. David M. Byrne & Stephen D. Oliner & Daniel E. Sichel, 2013. "Is the Information Technology Revolution Over?," International Productivity Monitor, Centre for the Study of Living Standards, vol. 25, pages 20-36, Spring.
    6. Kevin J. Stiroh, 2002. "Are ICT Spillovers Driving the New Economy?," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 48(1), pages 33-57, March.
    7. Paul David & Gavin Wright, 1999. "Early Twentieth Century Productivity Growth Dynamics: An Inquiry into the Economic History of Our Ignorance," Oxford Economic and Social History Working Papers _033, University of Oxford, Department of Economics.
    8. Bakker, Gerben, 2012. "How Motion Pictures Industrialized Entertainment," The Journal of Economic History, Cambridge University Press, vol. 72(4), pages 1036-1063, December.
    9. repec:aei:rpaper:37301 is not listed on IDEAS
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    Cited by:

    1. Nikollaq Pano & Ira Gjika, 2021. "American Advocacy to Education System Development: The Case of Albania," International Journal of Innovation and Economic Development, Inovatus Services Ltd., vol. 7(6), pages 24-34, February.
    2. Marianna Epicoco & Magali Jaoul-Grammare & Anne Plunket, 2022. "Radical technologies, recombinant novelty and productivity growth: a cliometric approach," Journal of Evolutionary Economics, Springer, vol. 32(2), pages 673-711, April.
    3. Nicholas Crafts, 2016. "The Rise and Fall of American Growth: Exploring the Numbers," American Economic Review, American Economic Association, vol. 106(5), pages 57-60, May.
    4. Kevin Hjortshøj O'Rourke, 2015. "Economic Impossibilities For Our Grandchildren?," Oxford Economic and Social History Working Papers _139, University of Oxford, Department of Economics.
    5. Antonin Bergeaud & Gilbert Cette & Rémy Lecat, 2018. "The role of production factor quality and technology diffusion in twentieth-century productivity growth," Cliometrica, Journal of Historical Economics and Econometric History, Association Française de Cliométrie (AFC), vol. 12(1), pages 61-97, January.
    6. Klein, Alexander & Crafts, Nicholas, 2015. "Agglomeration Externalities and Productivity Growth : U.S. Cities in the Railroad Era, 1880-1930," CAGE Online Working Paper Series 235, Competitive Advantage in the Global Economy (CAGE).
    7. Alexander Klein & Nicholas Crafts, 2015. "Agglomeration Economies and Productivity Growth: U.S. Cities, 1880-1930," Studies in Economics 1514, School of Economics, University of Kent.
    8. Nicholas Crafts, 2017. "Is Slow Economic Growth the ‘New Normal’ for Europe?," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 45(3), pages 283-297, September.

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    More about this item

    Keywords

    Crop Production/Industries; Financial Economics;

    JEL classification:

    • N11 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - U.S.; Canada: Pre-1913
    • N12 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - U.S.; Canada: 1913-
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
    • O51 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - U.S.; Canada

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