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Adam Smith and the Great Deceleration in the U,S. Economy

Author

Listed:
  • Gerdes, William

Abstract

From Adam Smith’s perspective, the most prominent macroeconomic happening of the post-World War II period was not the Great Moderation, nor was it the recent Great Recession. Instead, it was the secular deceleration in economic growth occurring in the U.S., or the Great Deceleration. Smith’s growth theory and his measure of aggregate output are employed in analyzing and documenting this Great Deceleration. From Smith’s perspective, the most likely causal forces are the same ones that were retarding economic growth in eighteenth-century England: government command over resources and also its growth-inhibiting policies. On a positive note, Smith would consider the Great Deceleration as reversible.

Suggested Citation

  • Gerdes, William, 2013. "Adam Smith and the Great Deceleration in the U,S. Economy," MPRA Paper 53599, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:53599
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    References listed on IDEAS

    as
    1. Stigler, George J, 1976. "The Successes and Failures of Professor Smith," Journal of Political Economy, University of Chicago Press, vol. 84(6), pages 1199-1213, December.
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    More about this item

    Keywords

    Adam Smith; economic growth; saving; capital accumulation; gross domestic product;
    All these keywords.

    JEL classification:

    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth

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