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Two Centuries of American Macroeconomic Growth From Exploitation of Resource Abundance to Knowledge-Driven Development

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  • Paul A. David

    (All Souls College, Oxford & Stanford University)

Abstract

This monograph is concerned with the nature of the process of macroeconomic growth that has characterized the U. S. experience, and manifested itself in the changing pace and sources of the continuing rise real output per capita over the course of the past two hundred years. A key observation that emerges from the long-term quantitative economic record is that the proximate sources of increases in real GDP per head in the century between 1889 and 1999 were quite different from those which obtained during the first hundred years of American national experience. Baldly put, the economy's ascent to a position of twentieth century global industrial leadership entailed a transition from growth based upon the interdependent development and extensive exploitation of its natural resources and the substitution of tangible capital for labor, towards a the maintenance of an productivity leadership through rising rates of intangible investment in the formation and exploitation of technological and organizational knowledge. The study's scope is indicated by the following:

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Bibliographic Info

Paper provided by EconWPA in its series Macroeconomics with number 0502021.

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Length: 216 pages
Date of creation: 10 Feb 2005
Date of revision:
Handle: RePEc:wpa:wuwpma:0502021

Note: Type of Document - pdf; pages: 216
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Web page: http://128.118.178.162

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  1. J. Stanley Metcalfe, 1997. "The Evolutionary Explanation of Total Factor Productivity Growth : Macro Measurement and Micro Process," Revue d'Économie Industrielle, Programme National Persée, vol. 80(1), pages 93-114.
  2. Zvi Griliches, 1996. "The Discovery of the Residual: A Historical Note," Journal of Economic Literature, American Economic Association, vol. 34(3), pages 1324-1330, September.
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  10. Moses Abramovitz, 1956. "Resource and Output Trends in the United States Since 1870," NBER Books, National Bureau of Economic Research, Inc, number abra56-1, July.
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Cited by:
  1. Leandro Prados de la Escosura & Joan R. Rosés, 2008. "Proximate causes of economic growth in Spain, 1850-2000," Working Papers in Economic History wp08-12, Universidad Carlos III, Departamento de Historia Económica e Instituciones.
  2. Leandro Prados de la Escosura & Joan R. Roses, 2008. "Long-run Estimates of Physical Capital in Spain, 1850-2000," Working Papers in Economic History wp08-07, Universidad Carlos III, Departamento de Historia Económica e Instituciones.
  3. James Alm & Janet Rogers, 2011. "Do State Fiscal Policies Affect State Economic Growth?," Public Finance Review, , vol. 39(4), pages 483-526, July.
  4. Hoyt Bleakley & Aimee Chin, 2009. "Age at Arrival, English Proficiency, and Social Assimilation Among U.S. Immigrants," CReAM Discussion Paper Series 0913, Centre for Research and Analysis of Migration (CReAM), Department of Economics, University College London.
  5. Stark, Oded & Zakharenko, Roman, 2011. "Differential Migration Prospects, Skill Formation, and Welfare," Discussion Papers 119111, University of Bonn, Center for Development Research (ZEF).
  6. James Bessen, 2009. "More Machines, Better Machines...Or Better Workers?," Working Papers 0803, Research on Innovation.
  7. Mario, Cimoli, 2005. "Heterogeneidad estructural, asimetrías tecnológicas y crecimiento en América Latina
    [Structural heterogeneity, technological asymmetries and growth in Latin America]
    ," MPRA Paper 3832, University Library of Munich, Germany.
  8. de la Escosura, Leandro Prados & Rosés, Joan R., 2007. "The Sources of Long-run Growth in Spain 1850-2000," CEPR Discussion Papers 6189, C.E.P.R. Discussion Papers.
  9. Pierre van der Eng, 2008. "The sources of long-term economic growth in Indonesia, 1880-2007," ANU Working Papers in Economics and Econometrics 2008-499, Australian National University, College of Business and Economics, School of Economics.
  10. James Bessen, 2008. "Accounting for Productivity Growth When Technical Change is Biased," Working Papers 0802, Research on Innovation.

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