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Summary of The Rise and Fall of American Growth by Robert J. Gordon - Includes Analysis
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The Rise and Fall of American Growth is an analysis of American growth from 1870 to the present. It focuses especially on the unprecedented "special century" of 1870-1970.
Throughout most of human history, economic growth was basically flat or advanced very slowly. After the Civil War in the United States, however, life began to improve exponentially. This was due to a series of "Great Inventions," including, most notably, electricity, the means of channeling and directing electricity, and the internal combustion engine. Homes became tied to systems of electricity, heat, and sewage. The last was particularly important, as cleaner water, abetted by new medicines that immunized against childhood disease, led to a dramatic drop in infant and child mortality.
The progress between 1870 and 1970 is routinely underestimated by measures of gross domestic product (GDP) because GDP does not measure the quality of life improvement by increased life expectancy...
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