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The Sources of Growth in a Technologically Progressive Economy: The United States, 1899–1941

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  • Gerben Bakker
  • Nicholas Crafts
  • Pieter Woltjer

Abstract

We develop new aggregate total factor productivity (TFP) growth estimates for the USA between 1899 and 1941, and sectoral estimates at the most disaggregated level so far, 38 industries. We include hard-to-measure services, and a refined measure of sectoral labour quality growth. The resulting data set supersedes Kendrick (1961), showing TFP growth lower than previously thought, broadly based across industries, and strongly variant intertemporally. The four ‘great inventions’ that Gordon (2016) highlighted were important but less dominant in TFP growth than their predecessors in the British industrial revolution. The findings also make it unlikely the 1930s had the twentieth century's highest TFP growth.

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  • Gerben Bakker & Nicholas Crafts & Pieter Woltjer, 2019. "The Sources of Growth in a Technologically Progressive Economy: The United States, 1899–1941," The Economic Journal, Royal Economic Society, vol. 129(622), pages 2267-2294.
    • Handle: RePEc:oup:econjl:v:129:y:2019:i:622:p:2267-2294.
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    6. Gerben Bakker, 2021. "Infrastructure killed the electric car," Nature Energy, Nature, vol. 6(10), pages 947-948, October.
    7. John Fernald & Robert Inklaar, 2022. "The UK Productivity Puzzle in an International Comparative Perspective," Working Papers 020, The Productivity Institute.
    8. Nicholas Crafts, 2021. "The Sources Of British Economic Growth Since The Industrial Revolution: Not The Same Old Story," Journal of Economic Surveys, Wiley Blackwell, vol. 35(3), pages 697-709, July.
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