Technological Change and U.S. Productivity Growth in the Interwar Years
研究了1919-1941年间美国私人非农经济中全要素生产率的增长，发现制造业贡献了1919-1929年增长的83%，而1929-1941年整体增长虽放缓但仍是20世纪最高，得益于制造业、交通、公用事业和分销业的进步。
Manufacturing contributed almost all—83 percent—of the growth of total factor productivity in the U.S. private nonfarm economy between 1919 and 1929. During the depression manufacturing TFP growth was not as uniformly distributed, and only half as rapid, accounting for only 48 percent of PNE TFP growth. Yet the overall growth of the residual between 1929 and 1941 was the highest of any comparable period in the twentieth century. This resulted from the combination of a still potent manufacturing contribution with advances in transportation, public utilities, and distribution, fueled in part by investments in public infrastructure.