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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
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Official URL: https://doi.org/10.1093/ej/uez002
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: |
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| Date of first compliant deposit: | 7 September 2018 | |||||||||
| Volume: | 129 | |||||||||
| Number: | 622 | |||||||||
| Page Range: | pp. 2267-2294 | |||||||||
| DOI: | 10.1093/ej/uez002 | |||||||||
| Status: | Peer Reviewed | |||||||||
| Publication Status: | Published | |||||||||
| Publisher Statement: | 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. | |||||||||
| RIOXX Funder/Project Grant: |
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