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

By Alexander J. Field Ph.D.

ISBN-10: 0300151098

ISBN-13: 9780300151091

This daring re-evaluation of the background of U.S. monetary development is equipped round a unique declare, that productive capacity grew dramatically around the melancholy years (1929-1941) and that this develop supplied the basis for the industrial and armed forces good fortune of the us in the course of the moment global warfare in addition to for the golden age (1948-1973) that undefined.
Alexander J. box takes a clean examine progress info 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 learn and improvement procedure and the government-funded build-out of the country's floor highway infrastructure. This signficant new quantity within the Yale sequence in financial and monetary 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 resources for A Great Leap Forward: 1930s Depression and U.S. Economic Growth

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Department of Labor 1946, p. 899). There was thus little net gain over the war years. This should be contrasted with a trajectory of rapid gains that might otherwise have persisted through the first half of the 1940s. Finally, even if we set aside the difficulties in valuing wartime output (Higgs 1992), part of the apparent increase in output per hour was the consequence of the shift of output toward sectors that had traditionally experienced higher value added per worker. Labor productivity for the economy as a whole would have increased as a consequence of this reallocation alone even if there had been no improvement in productive efficiency in any individual sector (see Evans 1947).

A BRIEF NOTE ON THE HISTORY OF GROWTH ACCOUNTING The discipline of growth accounting emerged as an effort to decompose increases in real output into the contribution of input growth (principally hours and physical capital) and a residual, and the statistical work in part I of this book adheres closely to the original implementation of this vision. Innovations in these chapters involve the choice of beginning- and end-period dates and what aggregates to use, not in basic methods. The aim is to produce a clearer picture of what actually happened across the course of American history.

Capacity is sometimes called potential output, and sometimes, more technically, the non-accelerating inflation rate of output (or “natural” output), which has associated with it a non-accelerating inflation rate of unemployment (the NAIRU, or “natural” rate of unemployment). Because of the way capacity is defined, it is also possible, when the economy is experiencing sustained positive aggregate demand shocks, for output temporarily to exceed it. Given an economy’s labor force, capital stock, and technological and organizational blueprints and institutions, capacity or potential represents the highest level of output achievable without so stimulating the economy through expansionary fiscal or monetary measures that the inflation rate accelerates.

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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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