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

Gerben Bakker, Nicholas Crafts and Pieter Woltjer

Economic History Working Papers from London School of Economics and Political Science, Department of Economic History

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 find TFPgrowth 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, TFPgrowth was not driven indirectly by spillovers from great inventions such as electricity. Instead, the creativedestruction-friendly American innovation system was the main productivity driver

Keywords: productivity growth; total factor productivity; great inventions; spillovers; United States — history (search for similar items in EconPapers)
JEL-codes: N11 N12 O47 O51 (search for similar items in EconPapers)
Pages: 71 pages
Date: 2017-10
New Economics Papers: this item is included in nep-eff, nep-gro, nep-his, nep-ino and nep-tid
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Related works:
Journal Article: The Sources of Growth in a Technologically Progressive Economy: The United States, 1899–1941 (2019)
Working Paper: The sources of growth in a technologically progressive economy: the United States, 1899‐1941 (2019)
Working Paper: The Sources of Growth in a Technologically Progressive Economy: the United States, 1899-1941 (2017)
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Persistent link: https://EconPapers.repec.org/RePEc:ehl:wpaper:85081

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