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The sources of growth in a technologically progressive economy : the United States, 1899-1941

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Bakker, Gerben, Crafts, N. F. R. and Woltjer, Pieter (2019) The sources of growth in a technologically progressive economy : the United States, 1899-1941. The Economic Journal, 129 (622). pp. 2267-2294. doi:10.1093/ej/uez002 ISSN 0013-0133.

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Official URL: https://doi.org/10.1093/ej/uez002

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Abstract

We develop new aggregate TFP growth estimates for the United States 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 dataset 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.

Item Type: Journal Article
Subjects: H Social Sciences > HD Industries. Land use. Labor
Divisions: Faculty of Social Sciences > Economics
Library of Congress Subject Headings (LCSH): Economic development -- Mathematical models -- United States -- 20th century
Journal or Publication Title: The Economic Journal
Publisher: Oxford University Press
ISSN: 0013-0133
Official Date: August 2019
Dates:
DateEvent
August 2019Published
2 April 2019Available
11 June 2018Accepted
Volume: 129
Number: 622
Page Range: pp. 2267-2294
DOI: 10.1093/ej/uez002
Status: Peer Reviewed
Publication Status: Published
Reuse Statement (publisher, data, author rights): This is a pre-copyedited, author-produced version of an article accepted for publication in The Economic Journal following peer review. The version of record Gerben Bakker, Nicholas Crafts, Pieter Woltjer, The Sources of Growth in a Technologically Progressive Economy: The United States, 1899–1941, The Economic Journal, Volume 129, Issue 622, August 2019, Pages 2267–2294, https://doi.org/10.1093/ej/uez002 is available online at: https://doi.org/10.1093/ej/uez002
Access rights to Published version: Restricted or Subscription Access
Copyright Holders: © 2019 Royal Economic Society. Published by Oxford University Press on behalf of Royal Economic Society.
Date of first compliant deposit: 7 September 2018
Date of first compliant Open Access: 2 April 2021
RIOXX Funder/Project Grant:
Project/Grant IDRIOXX Funder NameFunder ID
UNSPECIFIEDLondon School of Economics and Political Sciencehttp://dx.doi.org/10.13039/100011326
360–53–102[NWO] Nederlandse Organisatie voor Wetenschappelijk Onderzoekhttp://dx.doi.org/10.13039/501100003246
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