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

Author

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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:

Suggested Citation

  • Paul A. David, 2005. "Two Centuries of American Macroeconomic Growth From Exploitation of Resource Abundance to Knowledge-Driven Development," Macroeconomics 0502021, EconWPA.
  • Handle: RePEc:wpa:wuwpma:0502021
    Note: Type of Document - pdf; pages: 216
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    File URL: https://econwpa.ub.uni-muenchen.de/econ-wp/mac/papers/0502/0502021.pdf
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    References listed on IDEAS

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    13. repec:fth:harver:1487 is not listed on IDEAS
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    Citations

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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. Rosés, Joan R. & Prados de la Escosura, Leandro, 2008. "Long-run Estimates of Physical Capital in Spain, 1850-2000," IFCS - Working Papers in Economic History.WH wp08-07, Universidad Carlos III de Madrid. Instituto Figuerola.
    3. 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.
    4. Oded Stark & Roman Zakharenko, 2012. "Differential Migration Prospects, Skill Formation, and Welfare," Review of International Economics, Wiley Blackwell, vol. 20(4), pages 657-673, September.
    5. Hoyt Bleakley & Aimee Chin, 2010. "Age at Arrival, English Proficiency, and Social Assimilation among US Immigrants," American Economic Journal: Applied Economics, American Economic Association, vol. 2(1), pages 165-192, January.
    6. Rosés, Joan R. & Prados de la Escosura, Leandro, 2008. "Proximate causes of economic growth in Spain, 1850-2000," IFCS - Working Papers in Economic History.WH wp08-12, Universidad Carlos III de Madrid. Instituto Figuerola.
    7. James Bessen, 2008. "Accounting for Productivity Growth When Technical Change is Biased," Working Papers 0802, Research on Innovation.
    8. James Alm & Janet Rogers, 2011. "Do State Fiscal Policies Affect State Economic Growth?," Public Finance Review, , vol. 39(4), pages 483-526, July.
    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, 2009. "More Machines, Better Machines...Or Better Workers?," Working Papers 0803, Research on Innovation.

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    • E - Macroeconomics and Monetary Economics

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