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Perspectives on The Rise and Fall of American Growth

Author

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  • Robert J. Gordon

Abstract

This paper summarizes the book and assesses the reviews contained in the four contributed papers. Gregory Clark provides convincing arguments that extend the book's forecast that future technological change will be slower. Nicholas Crafts shows declining mortality and shorter work hours greatly increase welfare-augmented TFP growth during 1929-50. Benjamin Friedman points out that optimism about future technological change casts doubt on future employment growth, while technological pessimism implies employment optimism. Daron Acemoglu and co-authors emphasize the institutional environment that influences the timing and magnitude of innovation.

Suggested Citation

  • Robert J. Gordon, 2016. "Perspectives on The Rise and Fall of American Growth," American Economic Review, American Economic Association, vol. 106(5), pages 72-76, May.
    • Handle: RePEc:aea:aecrev:v:106:y:2016:i:5:p:72-76
    Note: DOI: 10.1257/aer.p20161126
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    File URL: https://www.aeaweb.org/articles?id=10.1257/aer.p20161126
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    References listed on IDEAS

    as
    1. Robert J. Gordon, 2016. "The Rise and Fall of American Growth: The U.S. Standard of Living since the Civil War," Economics Books, Princeton University Press, edition 1, number 10544.
    2. Daron Acemoglu & Jacob Moscona & James A. Robinson, 2016. "State Capacity and American Technology: Evidence from the Nineteenth Century," American Economic Review, American Economic Association, vol. 106(5), pages 61-67, May.
    3. Gregory Clark, 2016. "Winter Is Coming: Robert Gordon and the Future of Economic Growth," American Economic Review, American Economic Association, vol. 106(5), pages 68-71, May.
    4. Nicholas Crafts, 2016. "The Rise and Fall of American Growth: Exploring the Numbers," American Economic Review, American Economic Association, vol. 106(5), pages 57-60, May.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    JEL classification:

    • E23 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Production
    • N11 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - U.S.; Canada: Pre-1913
    • N12 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - U.S.; Canada: 1913-
    • N71 - Economic History - - Economic History: Transport, International and Domestic Trade, Energy, and Other Services - - - U.S.; Canada: Pre-1913
    • N72 - Economic History - - Economic History: Transport, International and Domestic Trade, Energy, and Other Services - - - U.S.; Canada: 1913-
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence

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