Why did productivity fall so much during the great depression?
By: Lee E. Ohanian.
Series: Federal Reserve Bank of Minneapolis, Research Department staff report ;; 285; Staff report (Federal Reserve Bank of Minneapolis. Research Dept. : Online) ;; 285.
Publisher: Federal Reserve Bank of Minneapolis
Published: 2001
Place of publication: [Minneapolis, Minn.]
Language: eng
Format: Electronic resource
Subjects: Industrial productivity -- History.; Depressions -- 1929.
Description: "Between 1929 and 1933, real output per adult fell over 30 percent and total factor productivity fell 18 percent.This productivity decrease is much larger than expected from just extrapolating the productivity decrease that typically occurs during recessions.This paper evaluates what factors may have caused this large decrease, including unmeasured factor utilization, changes in the composition of production, and increasing returns.I find that these factors combined explain less than one-third of the 18 percent decrease, and I conclude that the productivity decrease during the Great Depression remains a puzzle"--Federal Reserve Bank of Minneapolis web site.
Notes: Also available in print.
Includes bibliographical references.
Title from PDF file as viewed on 1/15/2005.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.