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How America's high standard of living came to be and why future growth is under threat In the century after the Civil War, an economic revolution improved the American standard of living in ways previously unimaginable. Electric lighting, indoor plumbing, motor vehicles, air travel, and television transformed households and workplaces. But has that era of unprecedented growth come to an end? Weaving together a vivid narrative, historical anecdotes, and economic analysis, The Rise and Fall of American Growth challenges the view that economic growth will continue unabated, and demonstrates that the life-altering scale of innovations between 1870 and 1970 cannot be repeated. Gordon contends that the nation's productivity growth will be further held back by the headwinds of rising inequality, stagnating education, an aging population, and the rising debt of college students and the federal government, and that we must find new solutions. A critical voice in the most pressing debates of our time, The Rise and Fall of American Growth is at once a tribute to a century of radical change and a harbinger of tougher times to come.
Offers cutting-edge perspectives on how international development has shaped the global history of the modern world.
Most colonies became independent countries after the end of World War II, while few of them became modernized even after decades of their independence. Taiwan is one of the few to become a modern state with remarkable achievements in its economic, socio-cultural, and political development. This book addresses the path and trajectory of the emergence of Taiwan from a colony to a modern state in the past century.
Examines the factors which limit human economic and population growth and outlines the steps necessary for achieving a balance between population and production. Bibliogs
As the focus of protest against a hated war in Vietnam it became one of the best-known company names in America almost overnight during the 1960s. "Dow makes napalm, napalm kills babies," chanted student protesters on hundreds of campuses during that war. "Dow shalt not kill." This feisty company did not back off from making napalm (it was the only U.S. company that did not), and it was soon embroiled in other front-page controversies--Agent Orange, dioxin, and mercury contamination of the Great Lakes among them. Typically, when EPA planes flew over its plants taking photos, Dow sued. Growth Company is the story of a century of industrial drama told by an insider who has been associated with the firm and its top managers since 1953. Written in celebration of the firm's 100th anniversary, it traces the rise of an archetypical growth company from its unlikely beginnings in a dying lumber town in the backwoods of central Michigan. Later a Wall Street favorite, it made many of its early investors wealthy; it has not missed or decreased a dividend since 1911. Based on research in the Dow corporate archives, supplemented by oral history interviews with more than 150 company pioneers, this colorful panorama of growth is told in terms of the people who built this unique and spectacularly successful world-class company, beginning with Herbert H. Dow, the young genius who founded the firm, down to the son of Greek immigrants who heads the company today.
This history of theories and theorists of economic growth elucidates the economic theory, economic history, and public policy observations of the renowned scholar W. W. Rostow. Looking at the economic growth theories of the classic economists up to 1870, Rostow compares Hume and Adam Smith, Malthus and Ricardo, and J.S. Mill and Karl Marx. He then examines the period 1870-1939 and its economic theorists, including Schumpeter, Colin Clark, Kuznets, and Harrod, and surveys the three forms of growth analysis in the postwar era: formal models, statistical morphology, and development theories. This authoritative overview also includes an agenda of unresolved problems in growth analysis and a description of the five major tasks statesmen will confront over the next several generations.
In 1975, Vietnam, united under communism, fell behind a bamboo curtain. Many feared the worst for churches there. But fifteen years later, churches, especially among Vietnam's ethnic minority mountain peoples, suddenly exploded in number and vitality.
What are the grand dynamics that drive the accumulation and distribution of capital? Questions about the long-term evolution of inequality, the concentration of wealth, and the prospects for economic growth lie at the heart of political economy. But satisfactory answers have been hard to find for lack of adequate data and clear guiding theories. In this work the author analyzes a unique collection of data from twenty countries, ranging as far back as the eighteenth century, to uncover key economic and social patterns. His findings transform debate and set the agenda for the next generation of thought about wealth and inequality. He shows that modern economic growth and the diffusion of knowledge have allowed us to avoid inequalities on the apocalyptic scale predicted by Karl Marx. But we have not modified the deep structures of capital and inequality as much as we thought in the optimistic decades following World War II. The main driver of inequality--the tendency of returns on capital to exceed the rate of economic growth--today threatens to generate extreme inequalities that stir discontent and undermine democratic values if political action is not taken. But economic trends are not acts of God. Political action has curbed dangerous inequalities in the past, the author says, and may do so again. This original work reorients our understanding of economic history and confronts us with sobering lessons for today.
Taking a longer view than most literature on economic development, Richard A. Easterlin stresses the enormous contrast between the collective experience of the last half century in both developed and developing countries and what has gone before. An economic historian and demographer, the author writes in the tradition of the "new economic history," drawing on economic theory and quantitative evidence to interpret the historical experience of economic theory and population growth. He reaches beyond the usual disciplinary limits to draw, as appropriate, on sociology, political science, psychology, anthropology, and the history of science. The book will be of interest not only to social scientists but to all readers concerned with where we have been and where we are going. ". . . Easterlin is both an economic historian and a demographer, and it is the combination of these two disciplines and the fine balance between theory and experience that make this well-written, refreshingly optimistic book excellent reading." --Population and Development Review "In this masterful synthesis, Richard Easterlin draws on the disciplines of economic history, demography, sociology, political science, psychology, and the history of science to present an integrated explation of the origins of modern economic growth and of the mortality revolution. . . . His book should be easily accessible to non-specialists and will give them a sense of why economic history can inform our understanding of the future." --Dora L. Costa, Massachusetts Institute of Technology, EH.Net and H-Net "Growth Triumphant is, simply, a fascinating book. Easterlin has woven together a history of economic growth, economic development, human mortality and morbidity, the connections each has with the others, and the implications of this nexus of forces on the future. . . . This book deserves a wide audience." --Choice "In what must surely be the most fair-minded, well-balanced, and scrupulously reasoned and researched book on the sensational subjects implied in its title--the Industrial Revolution, the mortality and fertility revolutions, and the prospects for future happiness for the human race--Professor Easterlin has set in place the capstone of his research career." --Journal of Economic History Richard A. Easterlin is Professor of Economics, University of Southern California.
When we think about history, we often think about people, events, ideas, and revolutions, but what about the numbers? What do the data tell us about what was, what is, and how things changed over time? Economist Robert E. Gallman (1926–98) gathered extensive data on US capital stock and created a legacy that has, until now, been difficult for researchers to access and appraise in its entirety. Gallman measured American capital stock from a range of perspectives, viewing it as the accumulation of income saved and invested, and as an input into the production process. He used the level and change in the capital stock as proxy measures for long-run economic performance. Analyzing data in this way from the end of the US colonial period to the turn of the twentieth century, Gallman placed our knowledge of the long nineteenth century—the period during which the United States began to experience per capita income growth and became a global economic leader—on a strong empirical foundation. Gallman’s research was painstaking and his analysis meticulous, but he did not publish the material backing to his findings in his lifetime. Here Paul W. Rhode completes this project, giving permanence to a great economist’s insights and craftsmanship. Gallman’s data speak to the role of capital in the economy, which lies at the heart of many of the most pressing issues today.