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Example text
We end this section with a question, or, more precisely, a bundle of related questions. Up to a point, the broad profile of inter-century differences we have drawn in sources of growth seems easy to accept. One can well believe that the growth of labor input per head became weaker and began to decline in the twentieth century when immigration was restricted and, when, as incomes rose, workers chose to take part of their potential gains in shorter hours and greater leisure. One can well understand that land settlement and development came to an end around the turn of the century and that after the very great nineteenth-century investments in transport and in the provision of the basic infrastructures of town and city life had been made, the importance of the growth of tangible capital should decline.
And that is why it is called total factor productivity growth. Technological progress, the advance of economically useful knowledge actually incorporated into production, is presumably an important component of total factor productivity. But there are other contributors to this remainder. An expression for the growth rate of real output per unit of labor input can also be obtained directly from Equation (i): ( Y * - L * ) = A* + 9 K (K*-L*). (3) Since (K* — L*) represents the growth rate of capital stock per labor unit, Equation (3) gives us a formula for partitioning the proportionate growth of labor productivity into two components, the contributions of the capital intensity growth and those made by the growth of crude TFP.
Crude TFP, which became the predominant part of twentiethcentury growth, is less an answer to our search for the sources of growth than a question that presses for answer. 5 is, to begin with, incomplete. It leaves out of account the contributions made by changes in the composition of labor input and capital input which alter the effectiveness of hours of labor or units of tangible capital. 6. S. 5; inter-period changes within Frame I and Frame II. Cambridge Histories Online © Cambridge University Press, 2008 24 Moses Abramovitz and Paul A.