> This paper raises basic questions about the process of economic growth. It > questions the assumption, > nearly universal since Solow’s seminal contributions of the 1950s, that > economic growth is a continuous > process that will persist forever. There was virtually no growth before 1750, > and thus there is no guarantee > that growth will continue indefinitely. Rather, the paper suggests that the > rapid progress made over > the past 250 years could well turn out to be a unique episode in human > history. The paper is only about > the United States and views the future from 2007 while pretending that the > financial crisis did not > happen. Its point of departure is growth in per-capita real GDP in the > frontier country since 1300, > the U.K. until 1906 and the U.S. afterwards. Growth in this frontier > gradually accelerated after 1750, > reached a peak in the middle of the 20th century, and has been slowing down > since. The paper is about > “how much further could the frontier growth rate decline?”
full: http://faculty-web.at.northwestern.edu/economics/gordon/Is%20US%20Economic%20Growth%20Over.pdf _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
