Download PDF by Alexander J. Field Ph.D.: A Great Leap Forward: 1930s Depression and U.S. Economic

By Alexander J. Field Ph.D.

ISBN-10: 0300151098

ISBN-13: 9780300151091

This daring second look of the heritage of U.S. monetary development is equipped round a singular declare, that productive capacity grew dramatically around the melancholy years (1929-1941) and that this enhance supplied the basis for the commercial and armed forces luck of the U.S. through the moment international warfare in addition to for the golden age (1948-1973) that undefined.
Alexander J. box takes a clean examine progress information and concludes that, at the back of a backdrop of double-digit unemployment, the Nineteen Thirties really skilled very excessive premiums of technological and organizational innovation, fueled by way of the maturing of a privately funded examine and improvement process and the government-funded build-out of the country's floor street infrastructure. This signficant new quantity within the Yale sequence in financial and fiscal heritage invitations new dialogue of the motives and consequences of productiveness progress over the last century and a part and of our present customers.

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Extra info for A Great Leap Forward: 1930s Depression and U.S. Economic Growth

Example text

The models and methods employed differ from those being developed at what John Cochrane (2009) and others would consider the frontiers of macroeconomic research. The framework utilized is what continues to be taught in intermediate macroeconomics courses: a blend of Keynesian aggregate demand analysis with an expectations-augmented Philips curve and explicit treatment of aggregate supply. This framework has the great merit of being useful for research in economic history, of helping us understand the current economic environment, and of offering assistance to policymakers when the economy is below potential.

The IT boom, and the technologies with which it was associated, have changed our lives. But from a historical perspective, advance was narrowly concentrated in the manufacturing sectors producing products such as computers, cell phones, and routers, as well as, at least initially, in a few sectors such as retailing and securities trading that used IT intensively. Compared to the Great Depression, the locus of revolutionary change was not as broad, and its overall impact on the growth of economic capacity has been more modest.

Both the declining influence of progress within manufacturing (compared especially with the 1920s) and the significance of the continued transition within transportation and distribution reflected trends whose origins are to be found in the interwar years. The causes of the slowdown in productivity growth during the “dark ages” (1973 through 1989 or 1995) remain an enigma. The retardation was broad-based; the continued slippage in the manufacturing TFP growth rate can account for only about a sixth of the TFP slowdown in the private nonfarm economy.

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A Great Leap Forward: 1930s Depression and U.S. Economic Growth by Alexander J. Field Ph.D.


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