Productivity growth, inflation, and unemployment by Robert J. Gordon

By Robert J. Gordon

Seventeen essays comprise 3 formerly unpublished works and provide sharply etched perspectives at the primary subject matters of macroeconomics: development, inflation, and unemployment. Robert Gordon re-examines their salient issues in a brand new available advent to fashionable macroeconomics. all the 4 components into which the essays are grouped additionally deals a brand new creation. The foreword via Nobel Laureate Robert M. Solow reviews at the carrying on with significance of those essays which date from 1968 to the current.

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Added to that was acrid industrial smog, sidewalks piled high with kitchen slops, coal dust, and dumped merchandise, which became a liquid slime after a rain. All of this was made worse in the summer, which was almost as unbearable outdoors as inside, especially with the heavy clothes of the day. Rudyard Kipling said of Chicago, “Having seen it, I desire urgently never to see it again. ” Added to putrid air was the danger of spoiled food – imagine meat and poultry hung unrefrigerated for days, spoiled fruit, bacteria-infected milk, and so on.

April, 1999; vol. 32, no. 2, pp. 309–34. CHAPTER 1 Does the “New Economy” Measure Up to the Great Inventions of the Past? S. economy is in the throes of a fundamental transformation, one which is wiping out the 1972–95 productivity slowdown, along with inflation, the budget deficit, and the business cycle. A typical recent comment, in a Wall Street Journal article, claimed that “when it comes to technology, even the most bearish analysts agree the microchip and Internet are changing almost everything in the economy” (Ip, 2000).

2. 6 percent of current dollar output in the nonfarm private business sector. See Economic Report of the President (February, 1999), Tables B-10 and B-12. 1. 1 by focusing on computer hardware, rather than the universe of computer hardware, software, and telecommunications equipment, because the government deflators for software and telecommunications equipment exhibit implausibly low rates of price decline (Jorgenson and Stiroh, 2000). 1. Within the computer industry, the productivity gains involve greater 2 3 See “Computers, Then and Now,” Consumer Reports (May 2000) p.

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