A satisfactory account of the postwar growth experience of the United States should be able to come to terms with the following three facts: -Since the early 1970's there has been a slump in the advance of productivity. -The price of new equipment has fallen steadily over the postwar period. -Since the mid-1970's the skill premium has risen. Variants of Solow's (1960) vintage-capital model can go a long way toward explaining these facts, as this paper shows. In brief, the explanations are: -Productivity slowed down because the implementation of information technologies was both costly and slow. -Technological advance in the capital goods sector has lead to a decline in equipment prices. -The skill premium rose because the new, more efficient capital is complementary with skilled labor and/or because the use of skilled labor facilitates the adoption of new technologies.
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Paper provided by University of Rochester - Center for Economic Research (RCER) in its series RCER Working Papers with number
475.
Length: 80 pages Date of creation: Jul 2000 Date of revision: Publication status: forthcoming in New Directions in Productivity Analysis, edited by Charles R. Hulten, Edwin R. Dean and Michael J. Harper. Chicago: University of Chicago Press (for NBER). Handle: RePEc:roc:rocher:475
Contact details of provider: Postal: UNIVERSITY OF ROCHESTER, CENTER FOR ECONOMIC RESEARCH, DEPARTMENT OF ECONOMICS, HARKNESS 231 ROCHESTER NEW YORK 14627 U.S.A.
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Jeremy Greenwood & Boyan Jovanovic, 1998.
"Accounting for Growth,"
NBER Working Papers
6647, National Bureau of Economic Research, Inc.
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Find related papers by JEL classification: O3 - Economic Development, Technological Change, and Growth - - Technological Change O4 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity
References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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Jovanovic, Boyan & MacDonald, Glenn M., 1988.
"Competitive Diffusion,"
Working Papers
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Boyan Jovanovic & Glenn MacDonald, 1994.
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NBER Working Papers
4463, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
Jovanovic, B. & MacDonald, G.M., 1991.
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Jovanovic, Boyan & Lach, Saul, 1997.
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International Economic Review,
Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 38(1), pages 3-22, February.
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Cited by: (explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.) This item has more than 25 citations. To prevent cluttering this page, these citations are listed on a separate page.