American economic growth is widely viewed as having been marked, across the history of the republic, by a remarkable period of growth between 1870 and 1970 which has been characterised as a ‘special century.’ Robert J. Gordon, writing in the remarkable and deeply important The Rise and Fall of American Growth (2015) for instance, has noted how a revolution in continental affairs was made possible across the hundred years by a set of ‘special inventions.’ The principals of these inventions, which Gordon identified as the railway, and the contingent industrial processes such as steelmaking it inspired and sustained, the telegraph, and electricity, made possible a national market, dense urban areas, and the exploitation of American agricultural and mineral resources on a vast scale. Gordon, of course, proceeds in his argument by redefining and adding to GDP, arguing (alongside many others) that it is a flawed metric. Instead, he employs an enhanced figure of GDP adjusted for pu...
This is a collection of personal and largely unedited observations covering the years from 2006 to now; I assert my copyright but am fine with links and footnotes. Some posts are obviously much more researched than others, and any errors are wholly mine except where I have innocently disseminated or linked to other bloggers or commentators.