By Alexander J. Field Ph.D.
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Additional info for A Great Leap Forward: 1930s Depression and U.S. Economic Growth
WHY 1941? WHY 1948?
This expansion nevertheless laid the foundation both for successful prosecution of the Second World War and for the quarter century of golden age growth that followed. Part II of the book extends part I’s analysis and reflects on some of its implications. Chapter 7 shows that the strong procyclicality of TFP during the Depression years was in fact a feature of the entire period 1890–2004. Chapter 8 revisits the equipment hypothesis, the view that producer durables, much more than structures, are carriers of technological change, that the social return to equipment investment exceeds the private return, and that such investment should be subsidized.
INTRODUCTION This book is built around a novel claim: potential output grew dramatically across the Depression years (1929–1941), and this advance provided the foundation for the economic and military success of the United States during the Second World War, as well as for what Walt Rostow (1960) called the “age of high mass consumption” that followed. S. economic history since the Civil War. The argument will strike some readers as implausible. Surely it was World War II that both brought us out of the Depression and laid the foundation for postwar prosperity.
A Great Leap Forward: 1930s Depression and U.S. Economic Growth by Alexander J. Field Ph.D.