New PDF release: The Cambridge Economic History of the United States, Vol. 3:

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By Stanley L. Engerman, Robert E. Gallman

Quantity three surveys the commercial background of the USA, Canada, and the Caribbean throughout the 20th century. Its chapters hint the century's significant occasions, significantly the good melancholy and the 2 global wars, in addition to its long term developments, reminiscent of altering know-how, the increase of the company financial system, and the improvement of work legislation. The booklet additionally discusses agriculture, inhabitants, exertions markets, and concrete and local structural alterations.

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Extra resources for The Cambridge Economic History of the United States, Vol. 3: The Twentieth Century (Volume 3)

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So too are the shifts in the derived demands for specific intermediate inputs of natural resources, shifts that may emanate from technologically induced changes in the mix of goods and services produced by other sectors of the economy. In addition, of course, there were direct and indirect impacts upon the market for labor services of different kinds, stemming from the combined effects of technological change and the alteration of the nature and extent of available capital equipment. S. economy's experience over the past two centuries leads us to view technological change (broadly conceived) as having not been "neutral" in Cambridge Histories Online © Cambridge University Press, 2008 Growth in the Era of Knowledge-Based Progress 43 its effects upon growth.

We call it the growth of "crude total factor productivity" (or "crude TFP"). 5. We term it "crude" because it is a remainder or residual, which is itself an amalgam of various elements. 5. The formula for carrying out such a decomposition, commonly called a "growth account", was presented years ago by Robert Solow. As applied to a decompostition of aggregate output, it reads: Y* = e K K * + G L L*+A*. (1) In the formula, Y stands for output, L for labor hours, and K for tangible capital stock (including land).

Suppose their true value could be captured, how would the growth rates of output over the two centuries be changed? We can be confident that output growth rates would look higher in both centuries. But would the twentieth-century rates be raised more than those for the nineteenth, or vice versa? In the absence of true and comprehensive measures, we cannot say with assurance, but we can make a tentative judgment. We think that the twentieth century saw the appearance and spread of more new and improved products and services of benefit to consumers than did the nineteenth.

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