- Series: The Princeton Economic History of the Western World (Book 60)
- Hardcover: 784 pages
- Publisher: Princeton University Press; 1st Edition edition (January 12, 2016)
- Language: English
- ISBN-10: 0691147728
- ISBN-13: 978-0691147727
- Product Dimensions: 6.5 x 2 x 9.5 inches
- Shipping Weight: 2.8 pounds (View shipping rates and policies)
- Average Customer Review: 219 customer reviews
- Amazon Best Sellers Rank: #70,614 in Books (See Top 100 in Books)
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The Rise and Fall of American Growth: The U.S. Standard of Living since the Civil War (The Princeton Economic History of the Western World) Hardcover – January 12, 2016
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From the Back Cover
"The story of our standard of living is a vital part of American history and is well told in this fascinating book. Gordon provides colorful details and striking statistics about how the way we live has changed, and he asks whether we will live happily ever after. His answer will surprise you and challenge conventional assumptions about the future of economic growth. This book is a landmark--there is nothing else like it." --Robert Solow, Nobel Laureate in Economics
"A towering achievement that will utterly transform the debate on U.S. productivity and growth. Robert Gordon chronicles the stunning swiftness with which American lives have advanced since 1870, and raises profound questions about whether we have benefitted from one-offs that cannot be repeated. Combining eloquent description with forceful and clear economic analysis, Gordon's voice is gripping and compelling. This is economic history at its best."--Kenneth S. Rogoff, coauthor of This Time Is Different
"The Rise and Fall of American Growth is a tour de force with an immensely important bottom line. It is packed, page after page, with insights and facts that every reader will find fascinating and new. A profound book that also happens to be a marvelous read."--George Akerlof, Nobel Laureate in Economics
"Keynes dismissed concerns about economic trends by remarking that in the long run, we are all dead. Gordon turns this upside down by reminding us that we inherited somebody else's long run. If you care about the legacy we will leave future generations, read this richly detailed account of America's amazing century of growth."--Paul Romer, New York University
"Robert Gordon has written the book on wealth--how Americans made it and enjoyed it in the past. If we're going to create more wealth in the future instead of arguing about dividing a shrinking pie, we have to read and understand this book."--Peter Thiel, entrepreneur, investor, and author of Zero to One
"This book is as important as it is unsettling. Gordon makes a compelling case that the golden age of growth is over. Anyone concerned with our economic future needs to carefully consider his argument."--Lawrence Summers, Harvard University
"In The Rise and Fall of American Growth, Gordon looks at the evolution of consumption and the standard of living in the United States from the end of the Civil War to the present day. His work brims with the enthusiasm of discovery and is enriched by personal anecdotes and insights derived over a long and very productive career."--Alexander J. Field, Santa Clara University
"The Rise and Fall of American Growth makes use of economic history to argue that Americans should expect the rate of economic growth to be, on average, slower in the future than it has been in the recent past. Gordon is the most important exponent of the pessimistic view working today and this is an exceptional book."--Louis Cain, Loyola University Chicago
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To him much of this improvement is due to what he calls the second industrial revolution which was brought into being by the widespread adoption of electricity and the internal combustion engine. along with indoor plumbing remade the economy. In a way his book is a paean to industrial capitalism whose innovations brought about this revolution. Further, although it is hard to believe today, the introduction of the automobile in the early 1900s was the clean technology of its day. Simply put the major cities of the country were knee deep in horse poop and horse piss that local residents struggled to avoid. They were literally swimming in pollution.
Compare this to the third industrial revolution we are experience today involving information technology, computers and communications. Sure those technologies have improved our lives, but how do they compare to indoor plumbing and electric lights. Gordon demonstrates through a careful analysis of the data that the information revolution peaked from 1996-2004 and has since slowed down. Specifically Moore’s Law which states computer chip capacity doubles every 18-24 months which held from the late 1960s to the early 2000s broke down in the past decade to a pace of doubling every four to six years.
Going forward Gordon is a “techno-pessimist.” He views the 1870-1970 period as a one off event. The recent slowdown in productivity and economic growth certainly supports his view. Whether he is right, or not, only time will tell. Where I would disagree with Gordon is that he labels the rise of income inequality as an impediment to growth. To me that is a stretch because during his golden age of 1870-1940 there were two distinct periods of high and rising income inequality. The first was the gilded age of 1895-1910 and second was the roaring twenties. During those two time periods the standard of living for the average American grew rapidly and it is hard to see in the data that it was an impediment to growth especially when Gordon admits the official data grossly understated overall economic growth.
I know that this review has hardly done justice to Gordon’s magisterial work. I highly recommend it for those interested in how our lives came to be.
Setting aside the reference pages, the book is about 700 pages. If you are unsure whether this is the right book for you, the author did a presentation for LSE which will give you a good indication whether you will like this book or not. You can look it up on google.
You might not agreed with everything in the book. But there is certain truth when it comes to things such as social media. For example, do we consider Facebook a technology company and does it increase productivity? There are a lot of discussion on which technology is a big driver for growth and which one is not. For example, invention such as Penicillin was a small idea that saved millions of lives. But let's not forget the fact that there are other factors such as the two World Wars have shifted power from Europe to the US. And the immigrants from Europe and other countries have been a big part in driving the economic growth of this country.
I also applaud the author for making a bold prediction for the future. Currently, there is so much hype about machine learning and deep learning. And yet, nobody question the usefulness of artificial intelligence. Does it really increase productivity? And at the end of the day, do people care more about productivity or living standard? For a lot of people, if they cannot make a living, why would they care about growth?
If one can read the book with an open mind, you can learn a lot from the book. I certainly benefited from it.
Some of the reading can be a little tedious and repetitive, as one by one, the author goes over all the significant factors and inventions which contributed to a huge i ncrease in US incomes since the beginning of the 20th century, and created the worlds biggest economy. Nonetheless, it really is necessary to read every chapter and page because it prepares one to understand better the book's main thesis, which is repeated over and over, but explained more fully in economic terms in the last chapters. All policymakers will have to contend with the conclusions of this work, especially the new government which vows to "make America great again". Robert Gordon's book shows that with the right policies such a goal is achievable in the economic ( and social ) sphere, but the task will not be easy.