Over the past century the long-run growth of six economies shows a strong association between investment in machinery and economic growth that holds both within and across nations and periods. A similar strong association holds for the post-world War II period for a broader cross section of nations. A number of considerations suggest that this association is causal, and that a high rate of machinery investment is a necessary prerequisite for rapid long-run productivity growth - a hypothesis also supported by narratives from the history of technology.
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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number
3903.
Length: Date of creation: Nov 1991 Date of revision: Handle: RePEc:nbr:nberwo:3903
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