Jump to ContentJump to Main Navigation
A New View of Economic Growth$
Users without a subscription are not able to see the full content.

Maurice FitzGerald Scott

Print publication date: 1991

Print ISBN-13: 9780198287421

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0198287429.001.0001

Show Summary Details
Page of

PRINTED FROM OXFORD SCHOLARSHIP ONLINE (www.oxfordscholarship.com). (c) Copyright Oxford University Press, 2019. All Rights Reserved. Under the terms of the licence agreement, an individual user may print out a PDF of a single chapter of a monograph in OSO for personal use (for details see www.oxfordscholarship.com/page/privacy-policy).date: 18 July 2019

The Slow‐Down in Productivity Growth After 1973

The Slow‐Down in Productivity Growth After 1973

Chapter:
(p.472) 16 The Slow‐Down in Productivity Growth After 1973
Source:
A New View of Economic Growth
Author(s):

Maurice FitzGerald Scott

Publisher:
Oxford University Press
DOI:10.1093/0198287429.003.0016

The build‐up in inflationary pressures in many countries in the late 1960s exploded with the commodity boom and oil shock of 1973. Why did the ensuing wide swings from inflation to deflation result in such a marked slowdown in productivity growth? Many possible explanations are discussed, with mistaken and wasted investment, and the scrapping of assets that still earned positive quasi‐rents, being significant. The main lessons are the importance of stable macroeconomic conditions for growth, of realistic wage expectations, and of the need for strong animal spirits in business.

Keywords:   animal spirits, inflationary pressures, investment, macroeconomic stability, oil shock, productivity growth, realistic wage expectations, scrapping, slowdown

Oxford Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us .