The Rise and Fall of American Growth by Robert J. Gordon | Summary

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"The Rise and Fall of American Growth: The U.S. Standard of Living since the Civil War"" by Robert J. Gordon is a comprehensive and thought-provoking examination of the economic and technological progress in the United States from the late 19th century to the present day. Published in 2016, Gordon's book provides a detailed analysis of the factors that contributed to the unprecedented economic growth experienced by the United States during the 20th century and explores the challenges to sustaining such growth in the future.

The book begins with an exploration of the period known as the ""Great Inventions"" between 1870 and 1940. During this time, the United States witnessed transformative technological breakthroughs, such as the invention of electricity, the telephone, the automobile, and the airplane. These innovations fueled rapid economic growth and significantly improved the standard of living for many Americans.

Gordon then delves into the ""Special Century"" from 1870 to 1970, which he argues was an exceptional period of remarkable progress and rising prosperity for the average American. He highlights how innovations and improvements in various sectors, such as transportation, communication, healthcare, and sanitation, had a profound impact on people's lives.

However, the book also explores the ""Great Divergence"" that emerged in the latter part of the 20th century. Gordon contends that the pace of technological progress has slowed in recent decades, leading to a slowdown in economic growth and a stagnation in the improvement of living standards for many Americans. He examines the various challenges faced by the U.S. economy, including income inequality, rising healthcare costs, and the high cost of education.

Throughout the book, Gordon emphasizes the importance of understanding the historical context and the role of technological advancements in shaping economic growth. He provides a thorough analysis of the factors that contributed to the ""Special Century"" and offers insights into the implications of a potentially slower rate of economic growth in the future.

""The Rise and Fall of American Growth"" is well-regarded for its comprehensive research, statistical analysis, and clear explanations of complex economic concepts. It has been influential in shaping discussions on economic history, technological innovation, and the future of the U.S. economy. The book remains a significant contribution to the understanding of the factors that have shaped the American standard of living over the past century."