The Rise and Fall of American Growth: The U.S. Standard of Living since the Civil War (The Princeton Economic History of the Western World, 60)

Introduction: The ascent and descent of growth -- Part I. 1870-1940 : the great inventions create a revolution inside and outside the home. The starting point : life and work in 1870 ; What they ate and wore and where they bought it ; The American home : from dark and isolated to bright and networked ; Motors overtake horses and rail : inventions and incremental improvements ; From telegraph to talkies : information, communication, and entertainment; Nasty, brutish, and short : illness and early death ; Working conditions on the job and at home ; Taking and mitigating risks : consumer credit, insurance, and the government -- Entr'acte: The midcentury shift from revolution to evolution -- Part II. 1940-2015 : the golden age and the early warnings of slower growth. Fast food, synthetic fibers, and split-level subdivisions : the slowing transformation of food, clothing, and housing ; See the USA in your Chevrolet or from a plane flying high above ; Entertainment and communications from Milton Berle to the iPhone ; Computers and the internet from the mainframe to Facebook ; Antibiotics, CT scans, and the evolution of health and medicine ; Work, youth, and retirement at home and on the job -- Entr'acte: Toward an understanding of slower growth -- Part III. The sources of faster and slower growth. The great leap forward from the 1920s to the 1950s : What set of miracles created it? ; Innovation : Can the future match the great inventions of the past? ; Inequality and the other headwinds : long-run American economic growth slows to a crawl -- Postscript: America's growth achievement and the path ahead -- Data appendix.;In the century after the Civil War, an economic revolution improved the American standard of living in ways previously unimaginable. Electric lighting, indoor plumbing, home appliances, motor vehicles, air travel, air conditioning, and television transformed households and workplaces. With medical advances, life expectancy between 1870 and 1970 grew from forty-five to seventy-two years. Weaving together a narrative, historical anecdotes, and economic analysis, this book provides an in-depth account of this momentous era. But has that era of unprecedented growth come to an end? Gordon challenges the view that economic growth can or will continue unabated, and he demonstrates that the life-altering scale of innovations between 1870 and 1970 can't be repeated. He contends that the nation's productivity growth, which has already slowed to a crawl, will be further held back by the vexing Headwinds of rising inequality, stagnating education, an aging population, and the rising debt of college students and the federal government. Gordon warns that the younger generation may be the first in American history that fails to exceed their parents' standard of living, and that rather than depend on the great advances of the past, we must find new solutions to overcome the challenges facing us. In the century after the Civil War, an economic revolution improved the American standard of living in ways previously unimaginable. Electric lighting, indoor plumbing, home appliances, motor vehicles, air travel, air conditioning, and television transformed households and workplaces. With medical advances, life expectancy between 1870 and 1970 grew from forty-five to seventy-two years. Weaving together a vivid narrative, historical anecdotes, and economic analysis, The Rise and Fall of American Growth provides an in-depth account of this momentous era. But has that era of unprecedented growth come to an end? Gordon challenges the view that economic growth can or will continue unabated, and he demonstrates that the life-altering scale of innovations between 1870 and 1970 can't be repeated. He contends that the nation's productivity growth, which has already slowed to a crawl, will be further held back by the vexing headwinds of rising inequality, stagnating education, an aging population, and the rising debt of college students and the federal government. Gordon warns that the younger generation may be the first in American history that fails to exceed their parents' standard of living, and that rather than depend on the great advances of the past, we must find new solutions to overcome the challenges facing us. A critical voice in the debates over economic stagnation, The Rise and Fall of American Growth is at once a tribute to a century of radical change and a harbinger of tougher times to come. ** Review "A masterful study to be read and reread by anyone interested in today's political economy." --*Kirkus * "[A]n essential read for anyone interested not only in US economic history but also American economic prospects . . . a tremendous achievement." --Diane Coyle, *Enlightened Economist * "Normally, these kinds of big-think books end with a whimper, as the author totally fails to identify solutions to the problem he is writing about. But Gordon's conclusion offers some admirably definitive policy advice." --Matthew Yglesias, *Vox * "Magnificent. . . . Even if history changes direction, and Mr. Gordon's rise-and-fall thesis proves to be wrong, this book will survive as a superb reconstruction of material life in America in the heyday of industrial capitalism." --*The Economist * "Every presidential candidate should be asked what policies he or she would offer to increase the pace of U.S. productivity growth and to narrow the widening gap between winners and losers in the economy. Bob Gordon's list is a good place to start." --David Wessel, WSJ.com's Think Tank blog From the Back Cover "The story of our standard of living is a vital part of American history and is well told in this fascinating book. Gordon provides colorful details and striking statistics about how the way we live has changed, and he asks whether we will live happily ever after. His answer will surprise you and challenge conventional assumptions about the future of economic growth. This book is a landmark--there is nothing else like it." --Robert Solow, Nobel Laureate in Economics "A towering achievement that will utterly transform the debate on U.S. productivity and growth. Robert Gordon chronicles the stunning swiftness with which American lives have advanced since 1870, and raises profound questions about whether we have benefitted from one-offs that cannot be repeated. Combining eloquent description with forceful and clear economic analysis, Gordon's voice is gripping and compelling. This is economic history at its best." --Kenneth S. Rogoff, coauthor of *This Time Is Different * " The Rise and Fall of American Growth is a tour de force with an immensely important bottom line. It is packed, page after page, with insights and facts that every reader will find fascinating and new. A profound book that also happens to be a marvelous read." --George Akerlof, Nobel Laureate in Economics "Keynes dismissed concerns about economic trends by remarking that in the long run, we are all dead. Gordon turns this upside down by reminding us that we inherited somebody else's long run. If you care about the legacy we will leave future generations, read this richly detailed account of America's amazing century of growth." --Paul Romer, New York University "Robert Gordon has written the book on wealth--how Americans made it and enjoyed it in the past. If we're going to create more wealth in the future instead of arguing about dividing a shrinking pie, we have to read and understand this book." --Peter Thiel, entrepreneur, investor, and author of *Zero to One * "This book is as important as it is unsettling. Gordon makes a compelling case that the golden age of growth is over. Anyone concerned with our economic future needs to carefully consider his argument." --Lawrence Summers, Harvard University "In The Rise and Fall of American Growth , Gordon looks at the evolution of consumption and the standard of living in the United States from the end of the Civil War to the present day. His work brims with the enthusiasm of discovery and is enriched by personal anecdotes and insights derived over a long and very productive career." --Alexander J. Field, Santa Clara University " The Rise and Fall of American Growth makes use of economic history to argue that Americans should expect the rate of economic growth to be, on average, slower in the future than it has been in the recent past. Gordon is the most important exponent of the pessimistic view working today and this is an exceptional book." --Louis Cain, Loyola University Chicago Business & Money,Economics,Development & Growth,Economic Conditions,Economic History,History,Americas,United States,Biography & History,Economic Policy & Development Contents Preface Introduction: The Ascent and Descent of Growth 1870-1940 The Great Inventions Create a Revolution Inside and Outside the Home The Starting Point: Life and Work in 1870 What They Ate and Wore and Where They Brought It The American Home: From Dark and Isolated to Bright and Networked Motors Overtake Horses and Rail: Inventions and Incremental Improvements From Telegraph to Talkies: Information, Communication, and Entertainment Nasty, Brutish, and Short: Illness and Early Death Working Conditions on the Job and at Home Taking and Mitigating Risks: Consumer Credit, Insurance, and the Government The Midcentury Shift from Revolution to Evolution 1940-2015 The Golden Age and the Early Warnings of Slower Growth Fast food Synthetic Fibers, and Split-Level Subdivisions: The Slowing Transformation of Food, Clothing, and Housing See the USA in Your Chevrolet or from a Plane Flying High Above Entertainment and Communications from Milton Berle to the iPhone Computers and the Internet from the Mainframe to Facebook Antibiotics, CT Scans, and the Evolution of Health and Medicine Work, Youth, and Retirement at Home and on the Job Toward an Understanding of Slower Growth The Sources of Faster and Slower Growth The Great Leap Forward from the 1920s to the 1950s: What Set of Miracles Created It? Innovation: Can the Future Match the Great Inventions of the Past? Inequality and the Other Headwinds: Long-Run American Economic Growth Slows to a Crawl Postscript: America's Growth Achievement and the Path Ahead Acknowledgments Data Appendix Notes References Credits Index A NEW YORK TIMES BESTSELLER In the century after the Civil War, an economic revolution improved the American standard of living in ways previously unimaginable. Electric lighting, indoor plumbing, home appliances, motor vehicles, air travel, air conditioning, and television transformed households and workplaces. With medical advances, life expectancy between 1870 and 1970 grew from forty-five to seventy-two years. Weaving together a vivid narrative, historical anecdotes, and economic analysis, The Rise and Fall of American Growth provides an in-depth account of this momentous era. But has that era of unprecedented growth come to an end? Gordon challenges the view that economic growth can or will continue unabated, and he demonstrates that the life-altering scale of innovations between 1870 and 1970 can't be repeated. He contends that the nation's productivity growth, which has already slowed to a crawl, will be further held back by the vexing headwinds of rising inequality, stagnating education, an aging population, and the rising debt of college students and the federal government. Gordon warns that the younger generation may be the first in American history that fails to exceed their parents' standard of living, and that rather than depend on the great advances of the past, we must find new solutions to overcome the challenges facing us. A critical voice in the debates over economic stagnation, The Rise and Fall of American Growth is at once a tribute to a century of radical change and a harbinger of tougher times to come. "In the century after the Civil War, an economic revolution improved the American standard of living in ways previously unimaginable. Electric lighting, indoor plumbing, home appliances, motor vehicles, air travel, air conditioning, and television transformed households and workplaces. With medical advances, life expectancy between 1870 and 1970 grew from forty-five to seventy-two years. Weaving together a narrative, historical anecdotes, and economic analysis, this book provides an in-depth account of this momentous era. But has that era of unprecedented growth come to an end? Gordon challenges the view that economic growth can or will continue unabated, and he demonstrates that the life-altering scale of innovations between 1870 and 1970 can't be repeated. He contends that the nation's productivity growth, which has already slowed to a crawl, will be further held back by the vexing headwinds of rising inequality, stagnating education, an aging population, and the rising debt of college students and the federal government. Gordon warns that the younger generation may be the first in American history that fails to exceed their parents' standard of living, and that rather than depend on the great advances of the past, we must find new solutions to overcome the challenges facing us"--Publisher's website How America's high standard of living came to be and why future growth is under threat In the century after the Civil War, an economic revolution improved the American standard of living in ways previously unimaginable. Electric lighting, indoor plumbing, motor vehicles, air travel, and television transformed households and workplaces. But has that era of unprecedented growth come to an end? Weaving together a vivid narrative, historical anecdotes, and economic analysis, The Rise and Fall of American Growth challenges the view that economic growth will continue unabated, and demonstrates that the life-altering scale of innovations between 1870 and 1970 cannot be repeated. Gordon contends that the nation's productivity growth will be further held back by the headwinds of rising inequality, stagnating education, an aging population, and the rising debt of college students and the federal government, and that we must find new solutions. A critical voice in the most pressing debates of our time, The Rise and Fall of American Growth is at once a tribute to a century of radical change and a harbinger of tougher times to come. Examines the economic growth of the United States since the Civil War, arguing that the rate of growth between 1870 and 1970 cannot be repeated and that a number of issues are further stagnating the already slow rate of productivity growth