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Is there a u.s. Productivity crisis?

W J Baumol

    Science (New York, N.Y.)
    |February 3, 1989
    PubMed
    Summary
    This summary is machine-generated.

    U.S. productivity growth remains strong, contributing to living standards and not losing manufacturing jobs. Shorter-term threats like the federal deficit may impact future growth.

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    Area of Science:

    • Economics
    • Labor Market Analysis
    • Productivity Studies

    Background:

    • Long-term U.S. productivity data are crucial for understanding economic growth and living standards.
    • Concerns exist regarding the potential loss of manufacturing jobs to other nations.
    • The U.S. service sector's job growth is also a point of interest in comparative economic analysis.

    Purpose of the Study:

    • To analyze long-term U.S. productivity growth trends.
    • To investigate the impact of productivity on U.S. living standards.
    • To assess the validity of fears regarding manufacturing job losses and compare U.S. service sector job growth with international trends.

    Main Methods:

    • Analysis of long-term U.S. productivity growth data.
    • Examination of trends in U.S. manufacturing employment share globally.

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  • Comparative analysis of U.S. and Japanese service sector job growth.

    • Main Results:

    • U.S. productivity growth has significantly contributed to living standards.
    • There is no evidence of a downward trend in U.S. manufacturing productivity.
    • The U.S. share of global manufacturing employment is increasing.
    • While U.S. service sector jobs have grown, Japan's have grown three times faster.
    • The federal deficit is identified as a short-term threat to productivity growth by absorbing savings.

    Conclusions:

    • Fears of widespread manufacturing job loss to other countries are not supported by long-term data.
    • U.S. productivity growth is robust, though short-term factors like the federal deficit pose risks.
    • Policy interventions addressing savings and investment are needed to sustain future productivity growth.