Output, Inputs, and Productivity by Sector
The increase in output growth came almost entirely from industrial sectors between 1873–1913 and 1924–37, and from non‐industrial sectors between 1924–37 and 1951–73. The U‐shaped pattern in the rate of growth of TFP was general, but its timing and magnitude varied between sectors. The decline between 1856–73 and 1873 –1913 was largest in agriculture, mining, and construction; there was also a fall in manufacturing. An exception to the general rise in TFP growth between twentieth century peacetime periods was the absolute fall in commerce in the interwar period compared with 1873–1913; this reflected concealed unemployment. The shifts in TFI across World War II toward manufacturing, mining, and agriculture, and away from commerce, were accompanied by opposite trends in the rate of growth of TFP, suggesting diminishing returns.
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