Tesco
The Rise and Fall of American Growth
Book

The Rise and Fall of American Growth

The U.S. Standard of Living since the Civil War (The Princeton Economic History of the Western World)

Robert J. Gordon
Princeton UP, 2016

Read or listen offline

автоматическое преобразование текста в аудио
  • 0.5×
  • 0.75×
  • 1×
  • 1.25×
  • 1.5×
  • 1.75×
1×
автоматическое преобразование текста в аудио

Editorial Rating

8

Qualities

  • Innovative

Recommendation

In the early 21st century, the pace of US innovation remains hectic in communications, entertainment and information technology. Yet economic output per person is declining as Americans age, and income inequality, educational limitations and US government debt plague the economy. Current slow rates of growth in US labor productivity and economic output can’t compare with the rapid advancements the country enjoyed from 1870 to 1970. Economics professor Robert J. Gordon describes this “special century” – when the electric light, the internal combustion engine, indoor plumbing and the telephone changed virtually every aspect of daily life – in great color and detail, though he sets out to offer few policy prescriptions for improving growth today. getAbstract recommends Gordon’s well-researched statistical gold mine as a valuable economic history lesson for students, professors and investors.

Take-Aways

  • Per capita, the US economy grew faster in the century from 1870 to 1970 than in subsequent years.
  • Life expectancy increased rapidly during that period but has since decelerated.
  • In real GDP terms, the US standard of living tripled from 1870 to 1940.

About the Author

Robert J. Gordon is a professor at Northwestern University. His books include Productivity Growth, Inflation and Employment and Macroeconomics.

Comment on this summary or Начать обсуждение

  • Avatar
    Sign in to share your opinion
  • Avatar
    V. M. 7 years ago
    did not really like the style of presentation in this book all the arguments around yes about anything concrete