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Created 3/10/1998
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Long-Run Growth,

J. Bradford DeLong
delong@econ.berkeley.edu
http://www.j-bradford-delong.net


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  


Professor of Economics J. Bradford DeLong, 601 Evans Hall, #3880
University of California at Berkeley
Berkeley, CA 94720-3880
(510) 643-4027 phone (510) 642-6615 fax
delong@econ.berkeley.edu
http://www.j-bradford-delong.net/

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