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Measurement Issues, the Productivity Slowdown and the Explosion of Computer Power

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  • Baily, Martin
  • Gordon, Robert J

Abstract

One of the starkest differences between the recent economic performance of the US and of Europe, in addition to faster job creation in the US, is its slower productivity growth. This paper begins with data showing that US productivity growth has been essentially zero since 1973 outside of manufacturing. In contrast, productivity growth in US manufacturing has revived since 1979, and over the period 1979-87 has actually been more rapid than during the 1948-73 'golden age'.

Suggested Citation

  • Baily, Martin & Gordon, Robert J, 1989. "Measurement Issues, the Productivity Slowdown and the Explosion of Computer Power," CEPR Discussion Papers 305, C.E.P.R. Discussion Papers.
  • Handle: RePEc:cpr:ceprdp:305
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    Cited by:

    1. Charles R. Hulten, 1992. "Growth Accounting When Technical Change is Embodied in Capital," NBER Working Papers 3971, National Bureau of Economic Research, Inc.
    2. Martin Feldstein, 2017. "Underestimating the Real Growth of GDP, Personal Income, and Productivity," Journal of Economic Perspectives, American Economic Association, vol. 31(2), pages 145-164, Spring.

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