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Retrospective on the Postwar Productivity Slowdown

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Abstract

The present study reviews the "productivity slowdown" of the 1970s and 1980s. The study also develops a new data set -- industrial data available back to 1948 -- as well as a new set of tools for decomposing changes in productivity growth. The major result of this study is that the productivity slowdown of the 1970s has survived three decades of scrutiny, conceptual refinements, and data revisions. The slowdown was primarily centered in those sectors that were most energy-intensive, were hardest hit by the energy shocks of the 1970s, and therefore had large output declines. In a sense, the energy shocks were the earthquake, and the industries with the largest slowdown were near the epicenter of the tectonic shifts in the economy.

Suggested Citation

  • William D. Nordhaus, 2004. "Retrospective on the Postwar Productivity Slowdown," Cowles Foundation Discussion Papers 1494, Cowles Foundation for Research in Economics, Yale University.
    • Handle: RePEc:cwl:cwldpp:1494
    Note: N1, O4, O47
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    File URL: https://cowles.yale.edu/sites/default/files/files/pub/d14/d1494.pdf
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    Cited by:

    1. Roy Trivedi, Smita, 2011. "The growing dichotomy between real and financial sectors," MPRA Paper 41421, University Library of Munich, Germany.
    2. Nathan S. Balke & Stephen P. A. Brown & Mine K. Yücel, 2008. "An international perspective on oil price shocks and U.S. economic activity," Globalization Institute Working Papers 20, Federal Reserve Bank of Dallas.

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    Keywords

    Productivity; Economic growth;

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