A Macroeconomics Reader

By Brian Snowdon; Howard R. Vane | Go to book overview

NOTES
1
Angus Maddison, Phases of Capitalist Development (New York, 1982). Maddison’s estimates of productivity levels are themselves extrapolations of base levels established for most, but not all, countries by Irving B. Kravis, Alan Heston, and Robert Summers in their International Comparisons of Real Product and Purchasing Power (Baltimore, 1978) and in other publications by Kravis and his associates.
2
W. E. G. Salter, Productivity and Technical Change (Cambridge, 1960) provides a rigorous theoretical exposition of the factors determining rates of turnover and those governing the relation between productivity with capital embodying best practice and average (economically efficient) technology.
3
K. Ohkawa and H. Rosovsky, Japanese Economic Growth: Trend Acceleration in the Twentieth Century (Stanford, 1973), especially ch. 9.
4
Moses Abramovitz, ‘Rapid Growth Potential and its Realization: The Experience of the Capitalist Economies in the Postwar Period’, in Edmond Malinvaud (ed. ) Economic Growth and Resources, Proceedings of the Fifth World Congress of the International Economic Association, vol. 1 (London, 1979), pp. 1-30.
5
Thorstein Veblen, Imperial Germany and the Industrial Revolution (New York, 1915), p. 70.
6
Mancur Olson, The Rise and Fall of Nations: Economic Growth, Stagflation and Social Rigidities (New Haven, 1982).
7
Kravis et al., International Comparisons; Edward F. Denison, assisted by Jean-Pierre Poullier, Why Growth Rates Differ, Postwar Experience of Nine Western Countries (Washington, DC, 1967). pp. 239-45.
8
R. C. O. Matthews, Review of Denison (1967), Economic Journal (June 1969), pp. 261-8.
9
My paper cited in note 4 describes the operation of these factors in the 1950s and 1960s and tries to show how they worked to permit productivity growth to rise in so many countries rapidly, in concert and for such an extended period (‘Rapid Growth Potential and Its Realization’, pp. 18-30).
10
The countries are Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Italy, Japan, Netherlands, Norway, Sweden, Switzerland, United Kingdom and United States.
11
In these calculations I have treated either the United States or the United Kingdom as the productivity leader from 1870 to 1913. Literal acceptance of Maddison’s estimates, however, make Australia the leader from 1870-1913. Moreover, Belgium and the Netherlands stand slightly higher than the United States in 1870. Here are Maddison’s relatives for those years (from Phases, Table 5.2):

1870

1890

1913

Australia

186

153

102

Belgium

106

96

75

Netherlands

106

92

74

United Kingdom

114

100

81

United States

100

100

100

Since Australia’s high standing in this period mainly reflected an outstandingly favorable situation of natural resources relative to population, it would be misleading to regard that country as the technological leader or to treat the productivity changes in other countries relative to Australia’s as indicators of the

-601-

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