Demand: The Neglected Participant in the Long Run U.S. Productivity Record

John F. Walker and Harold G. Vatter

The American Economist, 1999, vol. 43, issue 2, 73-80

Abstract: Emphasizing the empirical record, demand influences in U.S. post-World War II economic history are shown to have played a focal role in the standard production function. Public spending appears to have been a strategic component of demand influence on productivity over extended periods. Neither capital nor labor shortages appear in the longest post-war expansions. Neither hours worked nor changes in capital stock regularly vary directly with output.

Date: 1999
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Persistent link: https://EconPapers.repec.org/RePEc:sae:amerec:v:43:y:1999:i:2:p:73-80

DOI: 10.1177/056943459904300208

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