Robert J. Gordon, Hassan Sayed, 29 August 2019

Since 2005, productivity growth in the US and Europe has dipped below 1%. Using new industry-level from the US and ten EU countries, this column shows that that the industrial composition of the slowdown was similar in Europe and the US. Falling multifactor productivity growth explains both the magnitude and composition of falling productivity growth on both sides of the Atlantic. Decelerating technical change, rather than slowing investment, was the primary driving force in the transatlantic slowdown. 

Taylor Jaworski, 17 June 2017

Mobilisation for WWII is typically credited as having spurred the industrialisation of the American South, where industrial development had previously been stymied. Using newly collected data, this column revisits this hypothesis. Unlike earlier studies, the results do not support a decisive role for wartime capital deepening on the South’s post-war industrial development. While the results don’t rule out some positive effects of WWII investment, they suggest it may have had limited usefulness in post-war, non-military production.

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