September 1, 2022
The Rise and Fall of American Growth: The U.S. Standard of Living since the Civil War
Robert J. Gordon
A book praised from economic commentators ranging from Paul Krugman to Lacy Hunt is bound to be thought provoking. Written by a Northwestern economics professor, this massive book sometimes reads like an economics textbook, but it is worth the time investment. He zeroes in on the “special century” of 1870 – 1970 as unique to human history, as so many of its achievements could happen only once – from the railroad, steamship, and telegraph to electricity, gas, telephone, water and sewer utilities to x-rays, antibiotics, and cancer treatments. Since 1970, advances have typically centered around entertainment, communication, and information technology, and excluding the period between 1996 and 2004, U.S. productivity has steadily declined. The book concludes that the future growth of the U.S. standard of living is not promising.