Growth with Human Capital and Knowledge

Wei-Bin Zhang

Chapter 3 in Economic Growth with Income and Wealth Distribution, 2006, pp 119-173 from Palgrave Macmillan

Abstract: Abstract In the 1970s, the American economy suffered from the obsolescence of plant and equipment and the inability to compete in international markets in many areas of traditional American strength. As the industries of other nations began to catch up, they developed superior techniques of production and distribution, techniques that directly competed with American industries. Figure 3.0.1 illustrates the dynamics of business productivity for the period 1960–1994 in the US economy.1 Productivity is measured in output per paid hour in the entire business sector. The slopes are steeper in 1960–1965 and in 1990–94, implying that the growth rates of productivity are higher during these periods, on average. As shown in the figure, during the period of 1975–80 the average annual rate of increase was only 0.7 for the entire business sector.

Keywords: Human Capital; Equilibrium Point; Wage Rate; Capital Stock; Knowledge Creation (search for similar items in EconPapers)
Date: 2006
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-50633-6_3

Ordering information: This item can be ordered from
http://www.palgrave.com/9780230506336

DOI: 10.1057/9780230506336_3

Access Statistics for this chapter

More chapters in Palgrave Macmillan Books from Palgrave Macmillan
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().