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BPEA | 1972 No. 3

The Recent Productivity Slowdown

William D. Nordhaus
WDN
William D. Nordhaus
Discussants: Barry P. Bosworth,
Barry P. Bosworth Senior Fellow Emeritus - Economic Studies

Beatrice N. Vaccara, and
BNV
Beatrice N. Vaccara
Robert Solow
RS
Robert Solow

1972, No. 3


DURING THE FIRST HALF OF THE TWENTIETH CENTURY, the growth of output per manhour(hereafter called “labor productivity”) was accelerating. According to Kendrick, labor productivity grew at an annual rate of 1.7 percent over the 1899-1929 period, and then at 2.4 percent over the 1929-57 period. The acceleration of the early part of the century, however, was apparently reversed some time in the postwar period, as the following table shows: