Discuss american long run growth1800-1973, Microeconomics

American Long Run Growth, 1800-1973

Throughout the 19th and the first three quarters of twentieth century the measured pace of economic growth continued to accelerate. The measured growth rate of output per worker rose from perhaps 0.5 percent per year from 1800 to 1870 to perhaps 1.6 percent per year from 1870 to 1929, on the eve of the Great Depression as is displayed in Figure above. Growth slowed slightly over the Great Depression and World War II decades--a measured growth rate of 1.4 percent per year from 1929 to 1950. However then it accelerated: growth rate of output per worker between 1950 and 1973 in the United States was 2.1 percent per year.

Furthermore it is likely that true output per worker growth since 1890 has been even faster. Several economists believe that official estimates overstate inflation and understate real economic growth by 1.0 percent per year in large part since national income accountants have a very hard time valuing the boost to standards of living and productivity generated by the invention of new services and goods and new types of services and goods. So rather than 1.5 percent per year perhaps we must be thinking of 2.0 to 2.5 percent per year for the rate of output per worker growth since 1870.

 

1951_history.png

 

Posted Date: 8/3/2013 3:48:04 AM | Location : United States







Related Discussions:- Discuss american long run growth1800-1973, Assignment Help, Ask Question on Discuss american long run growth1800-1973, Get Answer, Expert's Help, Discuss american long run growth1800-1973 Discussions

Write discussion on Discuss american long run growth1800-1973
Your posts are moderated
Related Questions
demand: Qd=100=Px supply: MC=10+1/2Qs assume first that this firm operates in a perfectly competitive market. find the price and quanity in this market.

Prove that the utility approach and the indifference curve approach yield the same consumer equilibrium.

Draw a diagram to show the type of bond between two flourine atom

Draw a marginal utility cureve for a good that has a constant marginal utility

I would tend to think that a 5% per year goal is more reasonable. Smaller incremental goals always appear to be more attainable, while more radical goals may actually be more diffi

Define the concept of cross elasticity of demand

Factors that determine the volume of side of production

what is the purest form of iron?

Why a high level of labor force growth is correlated A high level of labor force growth is correlated--even though less powerfully--with a low level of output per worker. The a

Consider two hypothetical nations, Solowia and Growia, which are defeated in wars. These two nations were suffered from wars differently; the damage is on capital stock in Solowia,