A Great Leap Forward: 1930s Depression and U.S. Economic GrowthThis bold re-examination of the history of U.S. economic growth is built around a novel claim, that productive capacity grew dramatically across the Depression years (1929-1941) and that this advance provided the foundation for the economic and military success of the United States during the Second World War as well as for the golden age (1948-1973) that followed.Alexander J. Field takes a fresh look at growth data and concludes that, behind a backdrop of double-digit unemployment, the 1930s actually experienced very high rates of technological and organizational innovation, fueled by the maturing of a privately funded research and development system and the government-funded build-out of the country's surface road infrastructure. This significant new volume in the Yale Series in Economic and Financial History invites new discussion of the causes and consequences of productivity growth over the last century and a half and on our current prospects. |
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A Great Leap Forward: 1930s Depression and U.S. Economic Growth Alexander J. Field No preview available - 2011 |
A Great Leap Forward: 1930s Depression and U.S. Economic Growth Alexander J. Field No preview available - 2011 |
Common terms and phrases
Abramovitz and David aggregate demand average banks billion boom business cycle calculations capital deepening capital input capital stock chapter construction containerization contribution costs decades decline Depression downturn durables Economic Growth economic history effects electric engine equipment investment estimate Federal Fixed Asset Table freight FTEs Gordon growth accounting higher http://www.bea.gov impact improvements increase industry infrastructure innovations Kendrick labor productivity labor productivity growth levels manufacturing measure ment NIPA table nonresidential output per hour peak percent percentage points period physical capital PNE TFP growth postwar potential output private nonfarm economy procyclical Purpose Technologies railroads rate of TFP ratio real business cycle real estate recession residential saving Second World War share Solow spending spillovers Statistics steam structures subsector supply shocks TFP advance TFP growth rates tion total factor productivity transport trend trucking twentieth century U.S. Bureau U.S. Department U.S. economic unemployment rate United