The origins of US total factor productivity growth in the golden age

Alexander Field

Cliometrica, Journal of Historical Economics and Econometric History, 2007, vol. 1, issue 1, 63-90

Abstract: A consideration of TFP growth in the United States during the golden age (1948–1973) raises two related questions: on the one hand why was it so strong and on the other hand, why were TFP growth rates lower than they were during the Depression years (1929–1941)? A continuing downward trend in TFP growth within manufacturing, and its declining share after World War II, provide answers to the latter question. A persisting productivity windfall associated with the build out of the surface road infrastructure helps answer the former question. By adopting a longer historical perspective, we can move beyond understanding the golden age sui generis, and begin to see it instead as a period reflecting the persistence of trends and developments whose origins are to be found prior to the Second World War.

Keywords: Productivity; TFP; US macroeconomic history; Manufacturing; Transportation (search for similar items in EconPapers)
JEL-codes: N12 N71 O47 (search for similar items in EconPapers)
Date: 2007
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Citations: View citations in EconPapers (10)

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