J. Bradford DeLong
Between 1900 and today, measured U.S. real GDP per worker increased by nearly 300%. True real GDP per worker probably increased by about one percent per year more--for a total growth over the course of the first 80 years of this century of 700%.
The fall in the work year with the spread of the eight-hour day, the paid vacation, and part-time work means that total output per workhour probably grew by 850%.
Relative to this--very strong--long- run growth, practically all of the business cycles of the twentieth century appear to be small potatoes. Only the Great Depression and the productivity slowdown of the 1970s are powerful enough to cause any substantial interruption of long-run growth.
|Inflation 1960-Present Unemployment 1960-Present Phillips Curve Growth and Fluctuations, 1980-1998 Long-Run Growth, 1900-1980|
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