Engines of Growth: Farm Tractors and Twentieth-Century U.S. Economic Welfare
AbstractThe role of twentieth-century agricultural mechanization in changing the productivity, employment opportunities, and appearance of rural America has long been appreciated. Less attention has been paid to the impact made by farm tractors, combines, and associated equipment on the standard of living of the U.S. population as a whole. This paper demonstrates, through use of a detailed counterfactual analysis, that mechanization in the production of farm products increased GDP by more than 8.0 percent, using 1954 as a base year. This result suggests that studying individual innovations can significantly increase our understanding of the nature of economic growth.
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Bibliographic InfoPaper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 17879.
Date of creation: Mar 2012
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Note: DAE PR
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Find related papers by JEL classification:
- N52 - Economic History - - Agriculture, Natural Resources, Environment and Extractive Industries - - - U.S.; Canada: 1913-
- O30 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights - - - General
- Q16 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - R&D; Agricultural Technology; Biofuels; Agricultural Extension Services
This paper has been announced in the following NEP Reports:
- NEP-AGR-2012-03-08 (Agricultural Economics)
- NEP-ALL-2012-03-08 (All new papers)
- NEP-HIS-2012-03-08 (Business, Economic & Financial History)
- NEP-HME-2012-03-08 (Heterodox Microeconomics)
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