Productivity slowdown: a sectoral analysis
论证1973年以来趋势劳动生产率的放缓是错觉，源于1970年代初的工资和价格控制，建议重新评估应对政策。
Arguing that there has been no slowdown in trend labor productivity growth since 1973, the author examines productivity behavior in the postwar period. He presents consistent evidence across major sectors that the apparent second slowdown in trend productivity growth beginning in 1974 is an illusion resulting from the wage and price control program of the early 1970s. One implication is that any policy designed to reverse the ''slowdown'' that appeared to begin in 1974 should be reevaluted. When viewed as cyclical behavior, the slow productivity growth in the late 1970s is more the result of sluggish economic growth than the cause. Efforts should be made to understand why productivity growth has slowed over the entire period from the late 1960s to the present as a result of regulations and tax laws. 24 references, 3 figures, 4 tables.