A Vision of the Growth Process in a Technologically Progressive Economy: the United States, 1899-1941

Gerben  Bakker; N.F.R. Crafts; P.J. Woltjer

A Vision of the Growth Process in a Technologically Progressive Economy: the United States, 1899-1941

Gerben Bakker, N.F.R. Crafts, P.J. Woltjer

Research output: Working paper › Academic

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 show TFP-growth was lower than previously thought, broadly based across sectors, strongly variant
intertemporally, and consistent with many diverse sources of innovation. 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 leading sectors. Third, TFP-growth was not caused by
a ‘yeast process’ originating in a dominant technology such as electricity.

Original language	English
Place of Publication	London
Publisher	London School of Economics and Political Science
Number of pages	73
Volume	226
Publication status	Published - 2015

Publication series

Name	LSE Economic History Working Papers
Publisher	London School of Economics and Political Science
No.	226

Keywords

Harberger diagram; mushrooms; productivity growth; total factor productivity; yeast

Access to Document

http://eprints.lse.ac.uk/64779/1/__lse.ac.uk_storage_LIBRARY_Secondary_libfile_shared_repository_Content_Economic%20history%20-%20working%20papers_WP226.pdf

Cite this

Bakker, G., Crafts, N. F. R., & Woltjer, P. J. (2015). A Vision of the Growth Process in a Technologically Progressive Economy: the United States, 1899-1941. (LSE Economic History Working Papers; No. 226). London School of Economics and Political Science. http://eprints.lse.ac.uk/64779/1/__lse.ac.uk_storage_LIBRARY_Secondary_libfile_shared_repository_Content_Economic%20history%20-%20working%20papers_WP226.pdf

@techreport{be89d7672a6742e0bd1052709f945c7b,

title = "A Vision of the Growth Process in a Technologically Progressive Economy: the United States, 1899-1941",

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 show TFP-growth was lower than previously thought, broadly based across sectors, strongly variantintertemporally, and consistent with many diverse sources of innovation. 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 leading sectors. Third, TFP-growth was not caused bya {\textquoteleft}yeast process{\textquoteright} originating in a dominant technology such as electricity.",

keywords = "Harberger diagram; mushrooms; productivity growth; total factor productivity; yeast",

author = "Gerben Bakker and N.F.R. Crafts and P.J. Woltjer",

year = "2015",

language = "English",

volume = "226",

series = "LSE Economic History Working Papers",

publisher = "London School of Economics and Political Science",

number = "226",

type = "WorkingPaper",

institution = "London School of Economics and Political Science",

}

Bakker, G, Crafts, NFR & Woltjer, PJ 2015 'A Vision of the Growth Process in a Technologically Progressive Economy: the United States, 1899-1941' LSE Economic History Working Papers, no. 226, London School of Economics and Political Science, London. <http://eprints.lse.ac.uk/64779/1/__lse.ac.uk_storage_LIBRARY_Secondary_libfile_shared_repository_Content_Economic%20history%20-%20working%20papers_WP226.pdf>

TY - UNPB

T1 - A Vision of the Growth Process in a Technologically Progressive Economy: the United States, 1899-1941

AU - Bakker, Gerben

AU - Crafts, N.F.R.

AU - Woltjer, P.J.

PY - 2015

Y1 - 2015

N2 - 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 show TFP-growth was lower than previously thought, broadly based across sectors, strongly variantintertemporally, and consistent with many diverse sources of innovation. 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 leading sectors. Third, TFP-growth was not caused bya ‘yeast process’ originating in a dominant technology such as electricity.

AB - 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 show TFP-growth was lower than previously thought, broadly based across sectors, strongly variantintertemporally, and consistent with many diverse sources of innovation. 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 leading sectors. Third, TFP-growth was not caused bya ‘yeast process’ originating in a dominant technology such as electricity.

KW - Harberger diagram; mushrooms; productivity growth; total factor productivity; yeast

M3 - Working paper

VL - 226

T3 - LSE Economic History Working Papers

BT - A Vision of the Growth Process in a Technologically Progressive Economy: the United States, 1899-1941

PB - London School of Economics and Political Science

CY - London

ER -

A Vision of the Growth Process in a Technologically Progressive Economy: the United States, 1899-1941

Abstract

Publication series

Keywords

Access to Document

Fingerprint

Cite this