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The Equipment Hypothesis and U.S. Economic Growth


Alexander J. Field


Santa Clara University - Leavey School of Business - Economics Department


Explorations in Economic History, Vol. 44, No. 1, January 2007

Abstract:     
In several articles published in the 1990s, de Long and Summers argued that investment in producer durables had a high propensity to generate externalities in using industries, resulting in a systematic and substantial divergence between its social and private return. They maintained, moreover, that this was not the case for structures investment. Together, these claims constitute the equipment hypothesis. This paper explores the degree to which the history of U.S. economic growth in the twentieth century supports it.

Number of Pages in PDF File: 25

Keywords: Economic history, Economic growth, Productivity, Equipment investment

JEL Classification: D24, N12, O11, O47

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Date posted: February 22, 2008 ; Last revised: October 27, 2009

Suggested Citation

Field, Alexander J., The Equipment Hypothesis and U.S. Economic Growth. Explorations in Economic History, Vol. 44, No. 1, January 2007. Available at SSRN: http://ssrn.com/abstract=1095952

Contact Information

Alexander J. Field (Contact Author)
Santa Clara University - Leavey School of Business - Economics Department ( email )
500 El Camino Real
Santa Clara, CA California 95053
United States
408 554 4348 (Phone)
408 554 2331 (Fax)
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