By Alexander J. Field Ph.D.
This daring re-assessment of the background of U.S. financial progress is equipped round a unique declare, that effective potential grew dramatically around the melancholy years (1929-1941) and that this boost supplied the root for the commercial and army luck of the U.S. in the course of the moment global warfare in addition to for the golden age (1948-1973) that followed.
Alexander J. box takes a clean examine progress information and concludes that, in the back of a backdrop of double-digit unemployment, the Nineteen Thirties really skilled very excessive charges of technological and organizational innovation, fueled via the maturing of a privately funded learn and improvement process and the government-funded build-out of the country's floor street infrastructure. this crucial new quantity within the Yale sequence in financial and monetary background invitations new dialogue of the reasons and results of productiveness development over the past century and a part and on our present prospects.
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Additional info for A Great Leap Forward: 1930s Depression and U.S. Economic Growth (Yale Series in Economic and Financial History)
The factors contributing to the growth of output and output per hour are related but not exactly the same. First consider output. The growth of output over a particular time period is decomposable into the contributions made by the growth of hours, the growth of the services of physical capital, and the growth in the power and efficacy of the recipes whereby these inputs are combined to generate output. The latter we call total factor productivity. Here is an important illustration of the relevance of TFP.
Chapter 9 reflects, based on the argument of the first part of the book, on whether economic history could do as well without the concept of a general-purpose technology (GPT). Despite efforts to define the concept precisely, much ambiguity remains about what does and does not qualify and whether the criteria provide a good filter for identifying truly consequential innovations. As far as providing an organizing principle for writing economic history, the chapter notes that the most technologically progressive era of the twentieth century, the Depression years, cannot usefully be identified with any individual GPT, a particular breakthrough technology that gave its character to the age.
OUTPUT GROWTH, INPUT GROWTH, AND THE PRODUCTIVITY DATA The starting point for this exploration is macroeconomic data on real output growth, labor force growth, and the growth of the real capital stock, series that underlie our conclusions about trends in labor productivity and total factor productivity growth. Major contributors to the construction, adjustment, and interpretation of these data have included Edward Denison, John Kendrick, Dale Jorgenson, Zvi Griliches, Robert Solow, Moses Abramovitz, Paul David, and Robert J.