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Science 24 October 1986:
Vol. 234. no. 4775, pp. 443 - 451
DOI: 10.1126/science.234.4775.443
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Articles

What Has Happened to Productivity Growth?

MARTIN NEIL BAILY 1

1 Senior fellow in the Economic Studies Program, Brookings Institution, Washington, DC 20036.

The collapse of U.S. productivity growth is the most severe and persistent of recent economic problems. Unless there is an increase in growth, American living standards will remain stagnant and problems such as the budget deficit will plaque policy-makers. Why has this happened? Among the important reasons are a failure to innovate, changing demographics, and disruptions to the economy, including oil price increases and inflation.


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