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During World War II and the Korean War, real GDP grew by about half the amount of the increase in government purchases. With allowance for other factors holding back GDP growth during those wars, the multiplier linking government purchases to GDP may be in the range of 0.7 to 1.0, a range...
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Were high import tariffs somehow related to the strong U.S. economic growth during the late nineteenth century? This … paper examines this frequently mentioned but controversial question and investigates the channels by which tariffs could … expansion and capital accumulation than on productivity growth; (ii) tariffs may have discouraged capital accumulation by …
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