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

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Author Info

  • 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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File URL: http://128.118.178.162/eps/mac/papers/0502/0502021.pdf
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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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Cited by:
  1. Prados de la Escosura, Leandro & Rosés, Joan R., 2009. "The Sources of Long-Run Growth in Spain, 1850-2000," The Journal of Economic History, Cambridge University Press, vol. 69(04), pages 1063-1091, December.
  2. James Alm & Janet Rogers, 2011. "Do State Fiscal Policies Affect State Economic Growth?," Working Papers 1107, Tulane University, Department of Economics.
  3. 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.
  4. 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.
  5. 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.
  6. Cimoli, Mario & Porcile, Gabriel & Primi, Annalisa & Vergara, Sebastián & Brito, Marcio Holland de, 2010. "Growth, structural change and technological capabilities Latin America in a comparative perspective," Textos para discussão 212, Escola de Economia de São Paulo, Getulio Vargas Foundation (Brazil).
  7. Stark, Oded & Zakharenko, Roman, 2011. "Differential migration prospects, skill formation, and welfare," University of Tuebingen Working Papers in Economics and Finance 22, University of Tuebingen, Faculty of Economics and Social Sciences.
  8. 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.
  9. 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.
  10. Vaitsos, Constantine V., 2003. "Growth Theories Revisited: Enduring Questions with Changing Answers," Discussion Papers 9, United Nations University, Institute for New Technologies.
  11. James Bessen, 2009. "More Machines, Better Machines...Or Better Workers?," Working Papers 0803, Research on Innovation.
  12. James Bessen, 2008. "Accounting for Productivity Growth When Technical Change is Biased," Working Papers 0802, Research on Innovation.

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