NDLI: Did Technology Shocks Drive the Great Depression? Explaining Cyclical Productivity Movements in U.S. Manufacturing, 1919

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Did Technology Shocks Drive the Great Depression? Explaining Cyclical Productivity Movements in U.S. Manufacturing, 1919–1939

Content Provider	Scilit
Author	Inklaar, Robert Jong, Herman D. E. Gouma, Reitze
Copyright Year	2011
Description	Technology shocks and declining productivity have been advanced as important factors driving the Great Depression in the United States, based on real business cycle theory. We estimate an improved measure of technology for interwar manufacturing, using data from the U.S. census reports. There is clear evidence of increasing returns to scale and we find no statistical proof that technology shocks led to changes in hours worked or other inputs. This contradicts a key prediction of real business cycle theory. We find that increasing returns to scale are not due to market power but to labor and capital hoarding.
Related Links	https://pure.rug.nl/ws/files/19344764/Inklaar_De_Jong_Gouma_2011_JEH.pdf https://www.cambridge.org/core/services/aop-cambridge-core/content/view/A1FB8B2813477D74E672BC1DE14250D5/S0022050711002166a.pdf/div-class-title-did-technology-shocks-drive-the-great-depression-explaining-cyclical-productivity-movements-in-u-s-manufacturing-1919-1939-div.pdf
Ending Page	858
Page Count	32
Starting Page	827
ISSN	00220507
e-ISSN	14716372
DOI	10.1017/s0022050711002166
Journal	The Journal of Economic History
Issue Number	4
Volume Number	71
Language	English
Publisher	Cambridge University Press (CUP)
Publisher Date	2011-12-01
Access Restriction	Open
Subject Keyword	The Journal of Economic History History of Social Sciences Great Depression
Content Type	Text
Resource Type	Article
Subject	History Economics and Econometrics

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