Technical Change and U.S. Economic Growth: The Interwar Period and the 1990s

  title={Technical Change and U.S. Economic Growth: The Interwar Period and the 1990s},
  author={Alexander J. Field},
  journal={Macroeconomics eJournal},
  • A. Field
  • Published 13 March 2008
  • Economics
  • Macroeconomics eJournal
Multifactor productivity growth in the U.S. economy between 1919 and 1929 was almost entirely attributable to advance within manufacturing. Distributing steam power mechanically over shafts and belts required multistory buildings for economical operation. The widespread diffusion of electric power permitted a shift to single story layouts in which goods flow could be optimized around work stations powered by small electric motors. Within this framework, as well as opportunities to produce a… 
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