American Economic Review
ISSN 0002-8282 (Print) | ISSN 1944-7981 (Online)
Perspectives on The Rise and Fall of American Growth
American Economic Review
vol. 106,
no. 5, May 2016
(pp. 72–76)
Abstract
This paper summarizes the book and assesses the reviews contained in the four contributed papers. Gregory Clark provides convincing arguments that extend the book's forecast that future technological change will be slower. Nicholas Crafts shows declining mortality and shorter work hours greatly increase welfare-augmented TFP growth during 1929-50. Benjamin Friedman points out that optimism about future technological change casts doubt on future employment growth, while technological pessimism implies employment optimism. Daron Acemoglu and co-authors emphasize the institutional environment that influences the timing and magnitude of innovation.Citation
Gordon, Robert J. 2016. "Perspectives on The Rise and Fall of American Growth." American Economic Review, 106 (5): 72–76. DOI: 10.1257/aer.p20161126Additional Materials
JEL Classification
- E23 Macroeconomics: Production
- N11 Economic History: Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations: U.S.; Canada: Pre-1913
- N12 Economic History: Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations: U.S.; Canada: 1913-
- N71 Economic History: Transport, Trade, Energy, Technology, and Other Services: U.S.; Canada: Pre-1913
- N72 Economic History: Transport, Trade, Energy, Technology, and Other Services: U.S.; Canada: 1913-
- O33 Technological Change: Choices and Consequences; Diffusion Processes
- O47 Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence