A vision of the growth process in a technologically progressive economy: the United States, 1899-1941

Bakker, Gerben ORCID: 0000-0001-6109-0693, Crafts, Nicholas and Woltjer, Pieter (2015) A vision of the growth process in a technologically progressive economy: the United States, 1899-1941. Economic History working papers (226/2015). London School of Economics and Political Science, London, UK.

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Abstract

We develop new aggregate and sectoral Total Factor Productivity (TFP) estimates for the United States between 1899 and 1941 through better coverage of sectors and better measured labor quality, and show TFP-growth was lower than previously thought, broadly based across sectors, strongly variant intertemporally, and consistent with many diverse sources of innovation. We then test and reject three prominent claims. First, the 1930s did not have the highest TFP-growth of the twentieth century. Second, TFP-growth was not predominantly caused by four leading sectors. Third, TFP-growth was not caused by a ‘yeast process’ originating in a dominant technology such as electricity.

Item Type:	Monograph (Working Paper)
Official URL:	http://www.lse.ac.uk/economicHistory/home.aspx
Additional Information:	© 2015 The Authors
Divisions:	Economic History
Subjects:	H Social Sciences > HC Economic History and Conditions
JEL classification:	N - Economic History > N1 - Macroeconomics and Monetary Economics; Growth and Fluctuations > N11 - U.S.; Canada: Pre-1913 N - Economic History > N1 - Macroeconomics and Monetary Economics; Growth and Fluctuations > N12 - U.S.; Canada: 1913- O - Economic Development, Technological Change, and Growth > O4 - Economic Growth and Aggregate Productivity > O47 - Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output (Income) Convergence O - Economic Development, Technological Change, and Growth > O5 - Economywide Country Studies > O51 - U.S.; Canada
Date Deposited:	22 Dec 2015 10:33
Last Modified:	13 Sep 2024 20:32
Projects:	360–53–102
Funders:	STICERD, Netherlands Organisation for Scientific Research
URI:	http://eprints.lse.ac.uk/id/eprint/64779

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