Last edited by Nesho
Friday, November 13, 2020 | History

4 edition of Retrospective on the 1970s productivity slowdown found in the catalog.

Retrospective on the 1970s productivity slowdown

William D. Nordhaus

Retrospective on the 1970s productivity slowdown

  • 388 Want to read
  • 17 Currently reading

Published by National Bureau of Economic Research in Cambridge, MA .
Written in English

    Places:
  • United States
    • Subjects:
    • Industrial productivity -- United States -- History.

    • Edition Notes

      StatementWilliam Nordhaus.
      SeriesNBER working paper series ;, working paper 10950, Working paper series (National Bureau of Economic Research : Online) ;, working paper no. 10950.
      ContributionsNational Bureau of Economic Research.
      Classifications
      LC ClassificationsHB1
      The Physical Object
      FormatElectronic resource
      ID Numbers
      Open LibraryOL3476152M
      LC Control Number2005615610


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Retrospective on the 1970s productivity slowdown by William D. Nordhaus Download PDF EPUB FB2

Retrospective on the s Productivity Slowdown William Nordhaus. NBER Working Paper No. Issued in December NBER Program(s):Economic Fluctuations and Growth, Productivity, Innovation, and Entrepreneurship, Environment and Energy Economics. The present study analyzes the "productivity slowdown" of the by: Nordhaus () suggests that the productivity slowdown resulted from the OPEC oil shock of the early s.

Though both mechanisms may well have had a role to play, they cannot be the entire. The major result of this study is that the productivity slowdown of the s has survived three Retrospective on the 1970s productivity slowdown book of scrutiny, conceptual refinements, and data revisions.

The slowdown was primarily centered in those sectors that were most energy-intensive, were hardest hit by the energy shocks of the s, and therefore had large output declines. Retrospective on the s productivity slowdown. [William D Nordhaus; National Bureau of Economic Research.] -- "The present study analyzes the "productivity slowdown" of the s.

The study also develops a new data set -- industrial data available back to -- as well as a new set of tools for decomposing. The major result of this study is that the productivity slowdown of the s has survived three decades of scrutiny, conceptual refinements, and data revisions.

The slowdown was primarily centered in those sectors that were most energy-intensive, were hardest hit by the energy shocks of the s, and therefore had large output by: 2.

But past is not prologue, and the s productivity slowdown has over the last decade been overcome by a productivity growth rebound originating primarily in the new-economy sectors.

As the economy made the transition from the oil age to the electronic age, the aftershocks of the energy crises have died off and productivity growth has attained a rate close to its historical norm.

In a study described as "economic archeology," NBER Research Associate William Nordhaus analyzes the slow productivity growth that hit the U.S. economy during the s. His paper, Retrospective on the s Productivity Slowdown (NBER Working Paper No. ), asks two main questions: First, was the slowdown in productivity growth during this period unusual by historical standards.

Second, what were the industry sources of slowing. declining productivity over the decade of the s, particularly the period. 1/ It then investigates some of the causes of the productivity slowdown and discusses the outlook for the s. The slowdown appears to be caused by major shifts in relative prices from, for example, oil price shocks, inflation, and regulation.

remained mired in an era of slow productivity growth that began in the early s. This apparent contradiction became known as the “computer productivity para-dox,” famously summarized by Robert Solow () as “you can see the computer age everywhere but in the productivity statistics.”.

Chapter 5 investigates explanations for the productivity slowdown in the United States beginning in the early s or late s. Indeed, the latter is a recurring theme throughout the book. A decrease in the growth of the R&D knowledge stock (with an unchanged rate of return) can explain much of the productivity slowdown in US manufacturing.

that there is little evidence that the U.S. economy will revert to the low rates of productivity growth seen during the slowdown of the s and s. The Evolving Productivity Picture We begin with a retrospective look at U.S.

productivity growth, asking what productivity. The productivity slowdown of the s and s and the resumption of productivity growth in the s have provoked controversy among policymakers and researchers. Economists have been forced to reexamine fundamental questions of measurement technique.

Some researchers argue that econometric approaches to productivity measurement usefully address shortcomings of the. growth appears to have slowed starting in the late s. So did labor productivity growth, albeit less dramatically. Figure 4: Global Productivity Source: Penn World Tables Each series plots time xed e ects from a regression of log productivity on time xed e.

The United States as the leading economy has had a somewhat different history. Strong productivity growth up to the early s was followed by a marked slowdown, but then there was a notable revival around the turn of the century which had, however, already waned before the crisis.

Inafter the oil price shocks, productivity growth slowed and the residual almost disappeared. Since the shocks were a short-term phenomenon, they could not account for the slowdown.

A main focus of this book is therefore the puzzle of the productivity slowdown and how to date it and how to explain it. From toU.S. productivity grew on average by % annually.

From to it fell to %. The information technology boom of the ’90s interrupted the slide, but since U.S. In the long-run, the average standard of living in an economy is determined by the average productivity of its workers.

For example, Paul Krugman started Chapter 1 of his book, The Age of Diminished Expectations, by stating: "Productivity isn't everything, but in the long run it is almost everything. A country's ability to improve its standard of living over time depends almost entirely. Many industrialised countries have experienced a slowdown in labour productivity growth since the s.

This has led to a large body of research on what the causes of the productivity slowdown are and also to a lively debate about whether future productivity growth is likely to rebound, stay the same, or decline further.

The present study analyzes the "productivity slowdown" of the s. The study also develops a new data set -- industrial data available back to -- as well as a new set of tools for. Modern growth theory views productivity as being determined by two main economic forces: ideas and misallocation.

In the seminal models put forward by Romer () and Aghion and Howitt (), productivity growth results from the discovery of new ideas. A slowdown in productivity growth could then occur in two possible ways. A significant productivity slowdown occurred during the s and s. A large part of it occurred in industries closely related to the energy crises of the s.

(Besides the “Oil Shocks” section in the text, you can read a brief summary of an article by William Nordhaus of Yale University about these developments in the NBER Digest.

And GDP grew nearly 4% per year through the early s. Today, however, federal spending on R&D stands at % of GDP, or the equivalent of about $ billion per year less than its peak.

Since the s, median family income has increased only 20%, and the bulk of that growth has been concentrated in large cities on the East and West Coasts. the post productivity slowdown to identifiable sources.

The study largely ignored the energy crisis, however, and dismissed declining labor quality as a source of slower productivity growth.

This article will accept Denison’s estimates of the effects of popula- tion shifts and the recessions on productivity, which. 3 William Nordhaus, “Retrospective on the s Productivity Slowdown,” National Bureau of Economic Research Working Paper No.December 6, 4 Charles Gore, “The Rise and Fall of the Washington Consensus as a Paradigm for.

Abstract. Ever sincethere has been a pronounced slow-down in the rate of productivity growth in the American significance of this development has passed largely unnoticed, even by the nation’s economists who have tended to attribute it to the – retardation in the rate of economic growth generally, and to the – recession.

Aftermeasured growth in labor productivity and total-factor productivity (TFP) slowed. We find little evidence that the slowdown arises from growing mismeasurement of the gains from. Books at Amazon.

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Peddling Prosperity: Economic Sense and Nonsense in an Age of Diminished Expectations is a book by Nobel laureate and New York Times columnist Paul Krugman, first published in by W. Norton & Company. Overview. Shortly after its publication, Newsweek called it "the best primer around on recent U.S.

economic history." In the book Krugman covers the US productivity slowdown that has. Many countries have experienced both a slowdown in aggregate productivity growth and a decline in labour’s share of national income in recent years. This column argues that the productivity slowdown may have caused the decline in labour’s income.

Calibrating the authors’ model to US data suggests that a one percentage point decline in the productivity growth rate accounts for. The second phase of the slowdown in GDP growth occurred afterfrom % for – to a mere % during – The demographic impact of slowing growth in hours of work contributed more to the GDP slowdown than did the deceleration of productivity growth.

A slowdown (UK: go-slow) is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. A slowdown may be used as either a prelude or an alternative to a strike, as it is seen as less disruptive as well as less risky and costly for workers and their union.

The slowdown in Britain’s productivity growth over the last decade is the worst since the start of the Industrial Revolution years ago, a dismal track record that is holding back gains in. Among the many consequences of the productivity slowdown was a further complication for the monetary policy makers of the s.

Detecting shifts in economic trends is difficult in real time, and most economists and policymakers did not fully appreciate the extent of the productivity slowdown until the late s.

In the s, moves meant to prevent unemployment instead did the opposite, rocketing inflation and creating one of the worst fiscal disasters of the century. There are a number of productivity tools to help you achieve more – the original tool obviously being a good book.

Books on productivity are a great investment, helping us to work smarter, instead of harder. Here are 12 of our favourite business and productivity books to help you get stuff done more efficiently.

2See the articles in the “Symposium on the Slowdown in Productivity Growth” in the Journal of Economic Perspectives, Fallfor an overview of the “productivity slowdown” literature. 3All estimates are average annual growth rates. We use the term “productivity” to refer to average labor productivity, defined as output per hour.

This slow growth continues today, with productivity lower than it was more than years ago. This slowdown has occurred despite increased investment in scientific research. Growth slowed in the s and 80s for reasons that economists have never fully understood, but productivity surged again in the late s and.

The US economy underwent a fundamental shift in the early s. The cause of that shift is still elusive. But it’s a good bet changes in energy. As regards labour productivity growth, from a longer term perspective the euro area and the US have one aspect in common: a decline in average productivity growth after the early s.

Unfortunately, while the stylised facts characterising this productivity growth slowdown are well documented, its causes are still debated. These lower growth rates could in part be explained by a slowdown in productivity growth and a decline in factor utilization. 1 However, demographic factors and attitudes toward the labor market may also have played significant roles.

The figure below shows a measure of long-run trends in economic activity. First, from the s through the early s, total factor productivity grew at a relatively rapid percent annual rate, fueled in part by public investments like the interstate highway system.