General Purpose Technologies and Surges in Productivity: Historical Reflections on the Future of the ICT Revolution.
The phenomenon of recurring prolonged swings in the total factor productivity (TFP) growth rate is approached in this paper by examining a particular episode in earlier twentieth century economic history. A marked acceleration of productivity growth in U.S. manufacturing occurred after World War I, and was the main driver of the absolute and relative rise of the private domestic economy’s TFP residual. This discontinuity reflected the elaboration and adoption of a new factory regime based upo...Expand abstract
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- The economic future in historical perspective
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