U.S. Total Factor Productivity
A U.S. Total Factor Productivity is a total factor productivity measure for a U.S. economy.
References
2016
... Instead of wondering why there was a productivity growth slowdown after 1972, we should have asked, “Can we explain the productivity miracle that occurred in the U.S. economy between 1920 and 1970?” While I join most analysts in preferring to compare productivity growth data between years when unemployment and utilization were “normal,” nevertheless it is interesting to look at the raw data for each of the 12 decades since 1890, as in Figure 1. Any techno- optimist must look at this history with dismay. The future is not going to be better than the past, because the economy during 1920-70 achieved growth in Total Factor Productivity (TFP) of a different order of magnitude in these “green” decades than during the “blue” decades before 1920 and since 1970.7 If we compute the area of the green triangles and blue triangles, we conclude that roughly three-quarters of observed TFP growth since 1890 occurred in the half-century between 1920 and 1970. The sum of the blue areas (1890- 1920 and 1870-2012) contributes only one-quarter
of cumulative TFP growth since 1890. ...
