A new book by northwestern university professor robert j. Robert gordon diagnoses americas growth problem time. Or is my time better spent reading 23 other good economics books of shorter. Gordons book, released in january, chronicles american life and work. Introduction the prospects for future longrun us economic growth were already dismal in 2007 but were. Gordon is reframing the conversation about economic growth in america and the future trends in growth around the world. Bill gatess advice on how to read robert gordons the rise and. The final chapters are a kind of crescendo, for the whole book is organised to support gordons well known thesis that the days of miracle and wonder, the rapid growth era of the early to mid20th century, is long gone, and slower growth lies ahead of us.
Yes, the american economy is in a funk freakonomics. The rise and fall of american growth by robert gordon. The us economy has been expanding wildly for two centuries. Sixty years later we travelled at 80% of the speed of sound in a boeing 707. Whether you consider him a pessimist or a realist, macroeconomist robert gordon has carefully studied the potential for continued economic growth in the us and deemed it dismal. Rise and fall of american growth, the the princeton. I took the opportunity of the 28 hours of sunlight on a round trip from detroit to shanghai to read it, which was a productive and delightful way to make the time go faster. By definition, growth in output per capita equals growth. Robert gordon, the special century, and the prospects for. Thats the provocative question that economist robert j. Robert gordon contends that the nations productivity growth. Instead, progress occurs much more rapidly in some eras than in others. Gordon makes extensive use of data, international examples, and case studies throughout, and the eleventh edition incorporates critical developments in the field.
Professor gordons book can be described as the antidote to technooptimism. Robert gordon is a macroeconomist with a particular interest in unemployment, inflation, and both the longrun and cyclical aspects of labor productivity. Department of economics northwestern university kellogg global hub 2211 campus drive. Gordon, an economist at northwestern university has recently published an important new book, the rise and fall of american growth, which argues that the u. In 1900 travel was via the open buggy, at 1% the speed of sound.
Economist robert gordon lays out 4 reasons us growth may be slowing, detailing factors like epidemic debt and growing inequality, which could move the us into a. Gordon, a distinguished macroeconomist and economic. Gordon contends that the nations productivity growth will be further held back by the headwinds of. 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 lifealtering scale of innovations between 1870 and 1970 cannot be repeated. Gordon was included in the 2016 bloomberg list of the nations most influential thinkers. Two further thoughts on robert gordon sep 10th 2012, 10. He argues that the period from 1870 to 1970 was truly a period of unprecedented economic and technological revolution, radically altering the practices of daily life. And the explosion of inventions and resulting economic progress that happened during the special century are unlikely to be seen again, gordon argues in a new book. Harris professor of the social sciences and professor of economics in the weinberg college of arts and sciences, systematically supported the thesis of his recent bestselling book, the rise and fall of american growth, by citing economic statistics that indicate the best years for growth in the united. Harris professor in the social sciences in the weinberg college of arts and sciences considered to be one of the most influential. The rise and fall of american growth the enlightened. This paper raises basic questions about the process of economic growth. My book forecast, going out 25 years in the future, productivity growth of 1.
The book is without peer in providing a statistical analysis of the uneven pace of growth and. Lorien kite, financial times in the course of gordons book, a vivid picture of everyday life as our parents, grandparents, and greatgrandparents lived it emerges. His latest entry into this debate over stagnation, the rise and fall of american growth, is likely to be the most interesting and important economics book of the year. Development of the american economy, economic fluctuations and growth, productivity, innovation, and entrepreneurship. Standard of living since the civil war is a magisterial volume that will benefit any serious student of economics, demographics or history. This book will challenge your views about the future. It provides a splendid analytic take on the potency of past economic growth, which transformed the world from the end of the nineteenth century onward. Perspectives on the rise and fall of american growth.
His study focuses on what he calls the special century from 1870 to 1970in which living standards increased more rapidly than at any time before or after. Robert gordon has written a magnificent book on the economic history of the united states over the last one and a half centuries. Economist reframes conversation about growth in america. There was virtually no economic growth for millennia until 1770, only. In it, he argues that technology has had far less impact on economic growth in the last few decades than it did.
It questions the assumption, nearly universal since solows seminal. He is known for his work on productivity, growth, the causes of unemployment, and airline economics. Standard of living since the civil war the princeton economic history of the western world revised edition by gordon, robert j. Everyday low prices and free delivery on eligible orders. Robert gordons book shows that with the right policies such a goal is achievable in the economic and social sphere, but the task will not be easy. Faltering innovation and the six headwinds, wp 18315, august 2012. Robert gordons the rise and fall of american growth set out a thesis of technological diminishing returns that does much to explain an age of economic pessimism. This is a magisterial contribution to an important topic. Why robert gordon thinks growth is over washington post. The rise and fall of american growth princeton university press. Harris professor of the social sciences at northwestern university. Academic robert gordon, author of the rise and fall of american growth, which is the thomas pikettyesque economic must read of the year, is.
Robert gordons notable history of economics and living. The death of innovation, the end of growth free summary by. Robert gordon, a celebrated economic historian and northwestern university professor, addresses these questions in his magisterial new book, the rise and fall of american growth. Gordon northwestern university and nber this version january 20, 2014 this paper provides a sequel to my previous nber working paper is u. Standard of living since the civil war the princeton economic history of the western world book 70 kindle edition by gordon, robert j. The decline of innovation and economic growth robert j. Gordon is professor in social sciences at northwestern university. One of the economists economics and business books of the year 2016. He bases his outlook on an analysis of four growthslowing headwinds and the concept that future innovations must rival the gamechanging inventions of the 20th. Northwestern economics professor robert gordon has a written a mostly very good and a very long book 762 pages in the print edition on the history of economic growth in the united states from 1870 to the present. Judging from all the hype, the economic book of 2016 is robert gordons the rise and fall of american growth. The real cause of american growth hoover institution. Standard of living since the civil war princeton, new jersey.
Gordons book offers the definitive account of how the many technological innovations between 1870 and 1940 dramatically improved life in the united states. He is the author of a textbook in intermediate macroeconomics, now in its 12th edition, and has completed a new book, the rise and fall of american growth, published by the princeton. All the books listed for the financial times and mckinsey business book of the year award. Gordon challenges the view that economic growth can or will continue unabated, and he. While there is often a lag between an innovation and its true impact on economic growth. The economic revolution of 1870 to 1970 was unique in human history, the book is based on the idea that economic growth is not a steady process that creates economic advance at an even, regular pace. American economic history g force books and arts the. Gordon, a distinguished macroeconomist and economic historian at northwestern, has been arguing for a long time against the technooptimism that saturates our culture, with its constant assertion that were in the midst of revolutionary change. Economist robert gordons new book argues that we cant replicate the technological advances of the industrial revolution. I am not making a major new claim about the rate of innovation.
Robert gordon is an economist at northwestern university and the author of a book called the rise and fall of american growth. Perspectives on the rise and fall of american growth by robert j. Gordon has long been associated with the view that future economic growth will be slower than that of the fairly. This paper raises basic questions about the process of economic. Gordon has long been associated with the view that future economic growth will be slower than that of the fairly recent past. In a new book, economist robert gordon argues that the period from 1870 to 1970 is a special century that is unprecedented and unlikely to be repeated. So gordons view may be as dark as all those presidential candidates views. Economist robert gordon lays out 4 reasons us growth may be slowing, detailing factors like epidemic debt and growing inequality, which could move the us into a period of stasis we cant innovate our way out of. Robert gordons the rise and fall of american growth is an impressively researched, welldocumented economic history of the late nineteenth century and twentieth century us. People had leapt on the pessimism about innovation, and people completely overlooked the fact that, by far, the biggest contributor to future growth is about headwinds.
Faltering innovation confronts the six headwinds robert j gordon northwestern university and cepr cepr policy insight no. Faltering innovation confronts the six headwinds robert j. Gordon identifies two distinct eras in american economic history. New topics include the housing bubble and the role of housing wealth, the economic progress of china, recent discussions of growth theory, and the effect of oil prices on the economy. After 150 years, the american productivity miracle is over. If you add up all of the innovations made from the late 1800s up to 1970, theres been no comparable stretch of economic growth, before or since, says economist robert gordon. Use features like bookmarks, note taking and highlighting while reading the rise and fall of american growth.
Rise and fall of american growth, the the princeton economic. Be sure to watch the opposing viewpoint from erik brynjolfsson. His books include productivity growth, inflation, and unemployment and macroeconomics. Robert gordons tome on american economic growth stretches to 768 pages and its.
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