TY - UNPB
T1 - The Sources of Growth in a Technologically Progressive Economy: the United States, 1899-1941
AU - Bakker, Gerben
AU - Crafts, Nicholas
AU - Woltjer, Pieter
PY - 2017/9/20
Y1 - 2017/9/20
N2 - 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 find TFP-growth was lower than previously thought, broadly based across sectors, and strongly variant intertemporally. 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 ‘great inventions’. Third, TFP-growth was not driven indirectly by spillovers from great inventions such as electricity. Instead, the creative-destruction-friendly American innovation system was the main productivity driver.
AB - 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 find TFP-growth was lower than previously thought, broadly based across sectors, and strongly variant intertemporally. 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 ‘great inventions’. Third, TFP-growth was not driven indirectly by spillovers from great inventions such as electricity. Instead, the creative-destruction-friendly American innovation system was the main productivity driver.
M3 - Working paper
T3 - CAGE Working Paper Series
SP - 1
EP - 70
BT - The Sources of Growth in a Technologically Progressive Economy: the United States, 1899-1941
PB - University of Warwick, Inclusive Technology Ltd
ER -