The best economics books of 2016 the washington post. Chief among the doomsayers is robert gordon, whose new book forecasts stagnant productivity for the united states for the foreseeable future. This paper raises basic questions about the process of economic. Why robert gordon thinks growth is over and what we can do about it. Jan 31, 2016 in the rise and fall of american growth, gordon doubles down on that theme, declaring that the kind of rapid economic growth we still consider our due, and expect to continue forever, was in. Faltering innovation confronts the six headwinds robert j gordon northwestern university and cepr cepr policy insight no. We use cookies on this website to improve your browsing experience. Mar 28, 2016 the rise and fall of american growth by robert j.
The analytical marxists on exploitation, freedom, and justice, the philosophical origins of austrian economics, an introduction to economic reasoning, and critics. Robert gordons notable history of economics and living. Gordon department of economics northwestern university evanston, il 602082600 tel. Gordon collected here, including three previously unpublished works, offer sharply etched views on the principal topics of macroeconomics namely, growth, inflation, and unemployment. Jan 26, 2016 buy the rise and fall of american growth. Gordon is reframing the conversation about economic growth in america and. Development of the american economy, economic fluctuations and growth, productivity, innovation, and entrepreneurship.
I took the opportunity of the 28 hours of sunlight on a round trip from detroit to shanghai to read it, which was a productive and delightful way to make the time go faster. Robert aaron gordon, an economist and an international authority on business cycles and manpower policy, died of a heart attack today at his home here. Ed lotterman, idaho statesman as an economic historian, gordon is beyond reproach. Standard of living since the civil war the princeton economic history of the western world by gordon, robert j. Sep 11, 2012 this column introduces my cepr policy insight, which argues in detail that the rapid progress made over the past 250 years could well turn out to be a unique episode in human history gordon 2012. He played a central role in the creation of the liberal party of australia, defining its policies and its broad outreach. The decline of innovation and economic growth robert j. Bill gatess advice on how to read robert gordons the rise and. One of financial times best economics books of 2016. Gordon, the rise and fall of american growth, nonetheless argues that this time the end of good work is really coming. Northwestern economics professor robert gordon has a written a mostly very good and a very long book 762 pages in the print edition on the history of. Economist reframes conversation about growth in america. An introduction to economic reasoning is probably the first book you want to read if you are planning on studying economics. Commercial aircraft in the measurement of durable goods prices, robert j.
Rise and fall of american growth, the the princeton. Though his 784page book has drawn equal parts praise. Fortune robert gordon is an economist at northwestern university and the author of a book called the rise and fall of american growth. Gordons popular text macroeconomics was the first to incorporate the rational expectations hypothesis into the analysis of the phillips curve. Field, a unified model of the dynamics and spectroscopy of the g 6 0 3 g3 and e 16 states of hydrogen chloride, j. Anybody who is tempted by this argument should read robert gordon s magnificent new book.
The data give an unambiguous answer that whoa whoa whoa. Dec 31, 2012 northwestern economist robert gordon caused a stir this year by arguing that americas best days of economic growth were well behind it. This paper raises basic questions about the process of economic growth. Everyday low prices and free delivery on eligible orders. The methodology of quality adjustment in the measurement of durable goods prices, robert j. In 1938, he joined the economics department at the university of californiaberkeley. Bill gatess advice on how to read robert gordons the. If hes right, and one links this with growing income inequality, our wouldbe leaders will have difficulty in making the case for achieving the american dream through steady incremental progress achieved through collaboration and political compromise. Robert gordon, the special century, and the prospects for. The data i use only concern the us and view the future from 2007 while pretending that the financial crisis did not happen. Electric utility generating equipment in the measurement of durable goods prices, robert j. Associated press the rise and fall of american growth, is a.
Gordon, a highly respected economist at northwestern university, has produced what will endure as a masterpiece. Economist robert gordon lays out 4 reasons us growth may be slowing, detailing factors like epidemic debt and growing inequality, which could move the us into a. A new book by economist robert gordon the rise and fall of american growthis causing quite a stir. In an important new book, economist robert gordon makes the case for pessimism. Bill gatess advice on how to read one of the most provocative economics books of the year.
Gordon has written prolifically about the problems facing contemporary economic growth, casting a sobering doubt on the ability of our current innovations what he calls the third industrial revolution, including all our fancy gadgets to power the economy the way previous waves of invention. Gordon s most compelling argument is that the greatest generation was also the luckiest generation the strongest part of gordon s book is his evocation of the remarkable 50year period between 1920 and 1970. Robert aaron gordon 26 july 1908 april 7, 1978 was an american economist and professor at the school of business of the university of california berkeley, known for his works on business leadership, higher business education, business cycle theory and policy. Implications for the labor market and the debtgdp ratio, nber working papers 20423, national bureau of economic research, inc. Some of the cookies are used for analysis and marketing purposes. The us economy has been expanding wildly for two centuries. Jul 27, 2016 bill gatess advice on how to read one of the most provocative economics books of the year. This expert thinks robots arent going to destroy many. A new book by economist robert gordonthe rise and fall of american growthis causing quite a stir.
Economists duel over idea that technology will save the. Gordon, an economist at northwestern university has recently published an important new book, the rise and fall of american growth, which argues that the u. The rise and fall of american growth is unquestionably an important book that raises fundamental questions about the united states economy and. The economist offers authoritative insight and opinion on international news, politics, business, finance, science, technology and the connections between them. Robert gordons most popular book is cant be satisfied. An american economist who teaches at northwestern university, mr gordon has long been famous in. Standard of living since the civil war, which demonstrates that the lifealtering scale of u.
Robert gordon economist world news, politics, economics. His 2016 book1 argued that the best years of american productivity are behind. Robert gordon has 105 books on goodreads with 7518 ratings. Productivity, wages, and prices inside and outside of manufacturing in the u. The transcript has been edited and condensed for clarity. Robert gordon, a curmudgeonly 73yearold economist, believes our best days are over. He is the author of a textbook in intermediate macroeconomics, now in its 12th edition, and has completed a new book, the rise and fall of american growth, published by the princeton university press in january, 2016. Oct 15, 2012 using detailed income data compiled by emmanuel saez, a berkeley economist, gordon calculated that from. Macroeconomics 12th edition pearson series in economics hardcover by robert j gordon. Provocative, engaging and wellwritten, this collection of insightful essays by bob gordon links historical movements in three key indicators of macroeconomic activity productivity growth, inflation and unemployment. It questions the assumption, nearly universal since solows seminal contributions of the 1950s, that economic growth is a continuous process that will persist forever. Yes, the american economy is in a funk but not for the. Department of economics northwestern university kellogg global hub 2211 campus drive.
Introduction the prospects for future longrun us economic growth were already dismal in 2007 but were. He is the author of a textbook in intermediate macroeconomics, now in its 12th edition, and has completed a new book, the rise and fall of american growth. So says economist robert gordon, author of the rise and fall of american growth. Robert gordon s new book discusses whether the best days of the u. Gordon, a distinguished macroeconomist and economic. My book forecast, going out 25 years in the future, productivity growth of 1. Robert gordon university, garthdee house, garthdee road, aberdeen, ab10 7qb, scotland, uk. Born in washington dc and raised in north carolina, robert aaron gordon obtained his b. There was virtually no growth before 1750, and thus there is. Sir robert gordon menzies, kt, ak, ch, qc, faa, frs. If you add up all of the innovations made from the late 1800s up to 1970, theres been no comparable stretch of economic growth, before or since, says economist robert gordon. Books recent books earlier books by decade browse books by series chapters from books in process free publications bulletin on retirement and disability. He was educated at ucla, where he earned his phd in intellectual history. Cspan has agreements with retailers that share a small percentage of your.
Robert gordon, professor of economics at northwestern university, discusses his book, the rise and fall of american growth, in which he looks at the growth in the american standard of living. After a century of lifechanging innovations that spurred growth, he says, human progress is. Rise and fall of american growth, the the princeton economic. Economist robert gordon lays out 4 reasons us growth may be slowing, detailing factors like epidemic debt and growing inequality, which could move the us into a period of stasis we cant innovate our way out of. A new method of estimating potential real gdp growth. Soon all subsequent macro textbooks were expounding the expectations augmented phillips curve. Roger gordon s research has covered a broad range of questions dealing with the effects of tax policy on firm and individual behavior, and the implications of these responses for the design of tax policy. Gordon has long been associated with the view that future economic growth will be slower than that of the fairly recent past. The economics of new goods, nber books, national bureau of economic research, inc, number. Standard of living since the civil war is a magisterial volume that will benefit any serious student of economics, demographics or history.
Gordon contends that the nations productivity growth will be further held. Economist robert gordon lays out 4 reasons us growth may be slowing, detailing factors like epidemic debt and growing inequality, which could move the us into. From gender imbalance to the productivity gap, titles selected by judges offer practical solutions. Be sure to watch the opposing viewpoint from erik brynjolfsson. Macroeconomics 12th edition pearson series in economics. Gordon discusses his book the rise and fall of american growth. He regarded his parents as being very intelligent people but were not able to go to college due to the necessity to work. Even by the standards of a field known as the dismal science, northwestern university economist robert gordon is a remarkably gloomy thinker. A member of the national bureau of economic research, his most notable work is in the area of productivity. He is the author of a textbook in intermediate macroeconomics, now in its 12th edition, and has completed a new book, the rise and fall of american growth, published by the princeton. Northwestern economics professor robert gordon has a written a mostly very good and a very long book 762 pages in the print edition on the history of economic growth in the united states from 1870 to the present.
Robert gordon, a celebrated economic historian and northwestern university professor, addresses these questions in his magisterial new book, the rise and fall of american growth. Gordon university of chicago and the national bureau of economic research the welfare cost of higher unemployment the basic problem of aggregate economic policy is often posed as. Harris professor of the social sciences at northwestern university. In this paper, i begin by providing the general reader with the essence of the books main themes concerning the history of the american standard of living since 1870 and its likely future progress over the next 25 years. This expert thinks robots arent going to destroy many jobs. Americans take as a birthright an everrising standard of living, as experienced during the midtwentieth century. People had leapt on the pessimism about innovation, and people completely overlooked the fact that, by far, the biggest contributor to future growth is about headwinds. Books in the rotarian economist short books series provide rapid and practical introductions to topics related to volunteer work, service clubs, nonprofits, and the areas of focus of the rotary foundation of rotary international. After 150 years, the american productivity miracle is over. Gordon has 31 books on goodreads with 11441 ratings. The rise and fall of american growth princeton university press.
It traces how new technologies have transformed everyday living. Although this work is called an introduction to economic reasoning, it is perhaps more accurately considered an introduction to economics as such. Perspectives on the rise and fall of american growth. Gordons most popular book is the rise and fall of american growth. Some experts think that the current global economic slowdown is a temporary blip in longterm growth. The rise and fall of american growth is a rare example of a work with solid economics that can be understood, and enjoyed, by nearly any lay person. Gordon is a wellknown economist and a professor at northwestern university. Robert solow was born in brooklyn, new york, into a jewish family on august 23, 1924, the oldest of three children. Why robert gordon thinks growth is over and what we. Gordon news newspapers books scholar jstor november 2019 learn how and when to remove this. Gordon alvin hansen 1939 popularized the term secular stagnation, and we are now, at the suggestion of larry summers 2014, considering the application of hansens term to the current us economy, because the pace of output recovery in the five years since the business.