Day: April 24, 2018

Output per hour worked in the United States today is 10 times as valuable as output per hour worked 100 years ago (Maddison 1982). In the 1950s, economists attributed almost all the change in output per hour worked to technological change (Abramovitz 1956; Ken- drick 1956; Solow 1957). Subsequent analysis raised our estimates of Prepared for the conference “The Problem of Economic Development: Exploring Economic Development through Free Enterprise,” held at the State University of New York at Buffalo, May 1988. I have benefited from the comments of many seminar and conference participants and two discussants (Rob Vishny, Buffalo, May 1988, and Dale Jorgenson, National Bureau of Economic Research Economic Fluctuations meeting, July 1988).

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