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 find TFP-growth was lower than previously thought, broadly based across sectors, and strongly variant intertemporally. 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 ‘great inventions’. Third, TFP-growth was not driven indirectly by spillovers from great inventions such as electricity. Instead, the creative-destruction-friendly American innovation system was the main productivity driver.

AUTHORS: Gerben Bakker, Nicholas Crafts and Pieter Woltjer

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Available at: Centre for Competitive Advantage in the Global Economy
Journal: CAGE Working Papers, No. 341
DOI: …
Get PDF: “The Sources of Growth in a Technologically Progressive Economy”
Other versions:
  1. GGDC Research Memorandum 156
  2. LSE Economic History Working Paper 269

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MLA Bakker, Gerben, Nicholas Crafts, and Pieter Woltjer. “The Sources of Growth in a Technologically Progressive Economy: the United States, 1899-1941.” Centre for Competitive Advantage in the Global Economy Working Paper 341 (2017).
APA Bakker, G., Crafts, N., & Woltjer, P. (2017). The Sources of Growth in a Technologically Progressive Economy: the United States, 1899-1941. Centre for Competitive Advantage in the Global Economy Working Paper, 341.
Chicago Bakker, Gerben, Nicholas Crafts, and Pieter Woltjer. “The Sources of Growth in a Technologically Progressive Economy: the United States, 1899-1941.” Centre for Competitive Advantage in the Global Economy Working Paper 341 (2017).
Harvard Bakker, G., Crafts, N. and Woltjer, P., 2017. The Sources of Growth in a Technologically Progressive Economy: the United States, 1899-1941. Centre for Competitive Advantage in the Global Economy Working Paper, 341.
Vancouver Bakker G, Crafts N, Woltjer P. The Sources of Growth in a Technologically Progressive Economy: the United States, 1899-1941. Centre for Competitive Advantage in the Global Economy Working Paper. 2017; 341.

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