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Growth with Human Capital and Knowledge

In: Economic Growth with Income and Wealth Distribution

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  • Wei-Bin Zhang

Abstract

In the 1970s, the American economy suffered from the obsolescence of plant and equipment and the inability to compete in international markets in many areas of traditional American strength. As the industries of other nations began to catch up, they developed superior techniques of production and distribution, techniques that directly competed with American industries. Figure 3.0.1 illustrates the dynamics of business productivity for the period 1960–1994 in the US economy.1 Productivity is measured in output per paid hour in the entire business sector. The slopes are steeper in 1960–1965 and in 1990–94, implying that the growth rates of productivity are higher during these periods, on average. As shown in the figure, during the period of 1975–80 the average annual rate of increase was only 0.7 for the entire business sector.

Suggested Citation

  • Wei-Bin Zhang, 2006. "Growth with Human Capital and Knowledge," Palgrave Macmillan Books, in: Economic Growth with Income and Wealth Distribution, chapter 3, pages 119-173, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-50633-6_3
    DOI: 10.1057/9780230506336_3
    as

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