Productivity and Postwar U.S. Economic Growth
分析了1948-1979年美国经济增长的来源，发现资本和劳动投入贡献了四分之三以上，生产率贡献不到四分之一；并解释了1973年后增长放缓的原因，其中能源价格上涨是关键因素。
The purpose of this paper is to analyze the sources of postwar U.S. economic growth. The findings presented here allocate more than three-fourths of U.S. economic growth during the period 1948-1979 to growth of capital and labor inputs and less than one-fourth to productivity growth. To provide additional insight into the sources of U.S. economic growth, this paper then analyzes the sources of growth for individual industrial sectors. The final objective of this paper is to complete the explanation of the slowdown in U.S. economic growth that took place after 1973. For this purpose we examine econometric models for individual industrial sectors that make the rate of productivity growth for each sector into an endogenous variable. In addition, these models incorporate inputs of energy and materials along with inputs of capital and labor. The models show that higher energy prices are important in explaining the slowdown in U.S. economic growth.