Technological change and US productivity growth in the interwar years

• 成果类型: Article
• 署名作者: Santa Clara University
• 刊物名称: JOURNAL OF ECONOMIC HISTORY
• ISSN/ISSBN: 0022-0507
• 发表日期: 2006
• 页码: 203-236
• 关键词: UNITED-STATES; INVESTMENT; DEPRESSION

摘要

Manufacturing contributed almost all-83 percent-of the growth of total factor productivity in the U.S. private nonfarm economy between 1919 and 1929. During the depression manufacturing TFP growth was not as uniformly distributed, and only half as rapid, accounting for only 48 percent of PNE TFP growth. Yet the overall growth of the residual between 1929 and 1941 was the highest of any comparable period in the twentieth century. This resulted from the combination of a still potent manufacturing contribution with advances in transportation, public utilities, and distribution, fueled in part by investments in public infrastructure.