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Productivity Growth, Convergence, and Welfare: What the Long-Run Data Show
Abstract
Maddison's 1870-1979 data are analyzed, showing the historically unprecedented growth in productivity, gross domestic product per capita and exports and the remarkable convergence of productivities of industrialized market economies, with convergence apparently shared by planned economies but not less developed countries. Productivity lag's relation to deindustrialization, unemployment, and balance of payments is examined. The data are shown to suggest a tempered view of the slowdown in U.S. productivity growth and its lag behind other countries.
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Cited by
On the mechanics of economic development
Lucas, R. E. (1988) · Journal of Monetary Economics · doi:10.1016/0304-3932(88)90168-7 · Cited by 24,085
Increasing returns and long-run growth
Romer, P. M. (1986) · Journal of Political Economy · doi:10.1086/261420 · Cited by 20,149
Catching Up, Forging Ahead, and Falling Behind
Abramovitz, M. (1986) · The Journal of Economic History · doi:10.1017/s0022050700046209 · Cited by 3,512
Convergence Across States and Regions
Barro, R. J., Sala-I-Martin, X., Blanchard, O. J., & Hall, R. E. (1991) · Brookings Papers on Economic Activity · doi:10.2307/2534639 · Cited by 3,420
Financial Development, Growth, and the Distribution of Income
Greenwood, J., & Jovanovic, B. (1990) · Journal of Political Economy · doi:10.1086/261720 · Cited by 2,469
Metadata
- Authors
- Baumol, W.
- Venue
- Growth, Industrial Organization and Economic Generalities
- Publisher
- Edward Elgar Publishing
- Published
- 2003-08-26
- Pages
- 3-16
- OpenAlex
- W1855045113
- Cited by
- 2,786
- References
- 0
- FWCI
- 288.45
- Type
- book chapter
- Language
- en
- Open access
- closed
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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