What role did education, equipment age and technology play in 20th century productivity growth?
Antonin Bergeaud (),
Gilbert Cette and
Remy Lecat ()
Rue de la Banque, 2017, issue 43
The 20th century was a period of exceptional growth, driven mainly by the increase in total factor productivity (TFP). Studying 17 OECD countries over the 1890-2013 period,1 this Rue de la Banque shows that the “one big wave” of productivity growth in the mid-20th century, as well as the ICT productivity wave, remain only partially explained when taking into account quality-adjusted factors such as education, equipment age and technology diffusion along with the stock of productive capital and hours worked. These results plead for a wider view on growth factors, encompassing changes in the production process, management techniques, financing practices, firm demography and factor allocation.
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Working Paper: What role did education, equipment age and technology play in 20th century productivity growth? (2017)
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