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The Sources of Growth in a Technologically Progressive Economy

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

    (Groningen University)

Abstract

We develop new aggregate and sectoral Total Factor Productivity (TFP) estimates for the United States between 1899 and 1941 through better coverage of sectors and better-measured labor quality, and find TFP-growth was lower than previously thought, broadly based across sectors, and strongly variant intertemporally. We then test and reject three prominent claims. First, the 1930s did not have the highest TFP-growth of the twentieth century. Second, TFP-growth was not predominantly caused by four `great inventions?. Third, TFP-growth was not driven indirectly by spillovers from great inventions such as electricity. Instead, the creative-destruction-friendly American innovation system was the main productivity driver.

Suggested Citation

  • Bakker, Gerben & Crafts, Nicholas & Woltjer, Pieter, 2017. "The Sources of Growth in a Technologically Progressive Economy," GGDC Research Memorandum GD-156, Groningen Growth and Development Centre, University of Groningen.
    • Handle: RePEc:gro:rugggd:gd-156
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    File URL: http://hdl.handle.net/11370/80e54e17-5213-484e-939b-0e3835b82710
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    Cited by:

    1. Fioramonti, Lorenzo & Coscieme, Luca & Costanza, Robert & Kubiszewski, Ida & Trebeck, Katherine & Wallis, Stewart & Roberts, Debra & Mortensen, Lars F. & Pickett, Kate E. & Wilkinson, Richard & Ragnar, 2022. "Wellbeing economy: An effective paradigm to mainstream post-growth policies?," Ecological Economics, Elsevier, vol. 192(C).
    2. Andrew Beauchamp, 2020. "Humane Capital: A Reexamination of Catholic Social Teachings in Light of the Shift to Human Capital," American Journal of Economics and Sociology, Wiley Blackwell, vol. 79(4), pages 1209-1240, September.

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