Productivity Growth and Investment in Equipment: A Very Long Run Look
نویسنده
چکیده
Over the past century the long-run growth of industrial economies shows a strong association between rates of investment in machinery and equipment and long-run rates of economic growth. Each one percentage point increase in the machinery investment share of national product increases national product per capita growth by approximately 0.4 percentage points per year. A number of considerations suggest that machinery investment is in a sense the strategic factor in long-run productivity growth—a hypothesis also suggested by narrative accounts from the history of technology.
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