U.S. Economic Growth Since 1870: One Big Wave?

The research on input composition and quantity summarized in this article replaces the 'big wave' symmetry with a flatter profile of corrected and adjusted multi-factor productivity (MFP) growth which proceeds at roughly 1 percent per annum during the periods 1891-1950 and 1972-1979. The author believes that the inventions of the late 19th century and early 20th century were more fundamental creators of productivity than the electronic/internet era of today. He notes that the more research that emerges on specific questions, the less is learned about the underlying structure of the 'big wave.'