Perspectives on Productivity Growth

Growth of labor productivity has accelerated in the past few years, which is unusual late in an expansion. The upturn in productivity growth has led to widespread speculation about a "new era" of productivity advance. However, the recent acceleration hardly takes productivity growth above...

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Bibliographic Details
Published in:Business economics (Cleveland, Ohio) Ohio), 1999-04, Vol.34 (2), p.7-12
Main Authors: Arnold, Robert, Dennis, Robert
Format: Article
Language:English
Subjects:
Analysis
Bias
Business cycles
Capital expenditures
Capital investments
Consumer Price Index
Economic fluctuations
Economic forecasting
Economic growth
Economic growth rate
Economic theory
Financial budgets
Forecasts and trends
GDP
Gross Domestic Product
Growth
Human capital
Investments
Labor economics
Labor productivity
National income and product accounts
Natural resources
NIPA
Productivity
Productivity growth
PRODUCTIVITY—PAST AND FUTURE
Studies
United States economic conditions
World wars
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Summary:Growth of labor productivity has accelerated in the past few years, which is unusual late in an expansion. The upturn in productivity growth has led to widespread speculation about a "new era" of productivity advance. However, the recent acceleration hardly takes productivity growth above its trend since 1973, and in any case it is easily explained by: measurement changes that attribute more of nominal GDP's growth to the real component, and hence to productivity; and the boom in capital goods spending we have experienced in the 1990s. Productivity growth remains well below the extraordinary rates of the 1950s and 1960s.
ISSN:0007-666X
1554-432X