| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP13039
|
| DP13039 Why Has Economic Growth Slowed When Innovation Appears To Be Accelerating? |
| Robert J. Gordon
|
| 发表日期 | 2018-07-06
|
| 出版年 | 2018
|
| 语种 | 英语
|
| 摘要 | U. S. economic growth slowed by more than half from 3.2 percent per year during 1970-2006 to only 1.4 percent during 2006-16, and this decline was divided equally between slower growth in hours of work and slower growth in output per hour. In explaining slower growth in hours, particular emphasis is placed on the slower secular rise of life expectancy in the U.S. compared to other developed countries. Further contributions to slowing growth are made by a decline in the population share of both legal and illegal immigration and a turnaround from rising to declining labor force participation. Causes of declining productivity growth begin with the slowdown in the rate of increase of educational attainment. Why did productivity growth decline after 2006 despite an increase in the rate at which new U.S. patents were issued in 2006-16 compared to earlier decades? Part of the slowdown is attributed to the maturity of the IT revolution, which also helps to explain the trajectory of the college wage premium. Aspects of the productivity growth slowdown include the declining productivity of research workers, diminishing returns to drug innovation, and the evolutionary rather than revolutionary impact of robots and artificial intelligence. |
| 主题 | Macroeconomics and Growth
|
| 关键词 | Economic growth
Productivity
Innovation
Mortality
Immigration
Labor force participation
|
| URL | https://cepr.org/publications/dp13039
|
| 来源智库 | Centre for Economic Policy Research (United Kingdom)
|
| 资源类型 | 智库出版物
|
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/541845
|
推荐引用方式
GB/T 7714 |
Robert J. Gordon. DP13039 Why Has Economic Growth Slowed When Innovation Appears To Be Accelerating?. 2018.
|
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