In this paper a distinction will be made between manager and owner and it will be attempted to estimate numerically the country’s total economy’s entrepreneurial remuneration by a common measure across countries and show econometrically the positive impact of total economy’s...

Changes in income distribution are estimated for the U.S. South over the 1970 and 1980 decades using Gini coefficients for county-level, real family income. To explicitly investigate causal relationships between economic growth and inequality, a two-stage least squares model was estimated. In...

What are the prospects for economic growth in the United States and other advanced countries over the next several decades? U.S. growth for the past 150 years has been surprisingly stable at 2% per year. Growth theory reveals that in the long run, growth in living standards is determined by...

We develop measures of labor-saving and labor-augmenting technology exposure using textual analysis of patents and job tasks. Using US administrative data, we show that both measures negatively predict earnings growth of individual incumbent workers. While labor-saving technologies predict...

Great Lakes iron ore producers had faced no competition from foreign iron ore in the Great Lakes steel market for nearly a century as the 1970s closed. In the early 1980s, as a result of unprecedented developments in the world steel market, Brazilian producers were offering to deliver iron ore...

This paper examines whether management changes caused by the entry of the baby boom into the workforce explain the US productivity slowdown in the 1970s and resurgence in the 1990s. Lucas (78) suggests that the quality of managers plays a significant role in determining output. If there is...

Borrowers in U.S. cities where house prices boomed in the 2000s relied heavily on backloaded interest-only (IO) mortgages that require borrowers to only pay interest for the first few years of the loan. We develop a theory that encompasses common explanations for IO use, and show that while they...

Maddison's international panel data show that technically it was the faster growth rate of the US economy that led to its overtaking the UK as economic superpower. We explore the contributing factors. Identifying the land-grant colleges system triggered by the 1862/1890 Morrill Acts (MAs) as a...

We develope a growth accounting method using the whole neoclassical growth model. We obtain three primary findings from our analysis of the U.S. economy during 1954--2017. First, the efficiency wedges in the entire period accurately account for the evolution of U.S. productivity and labor share....