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Article
The Equipment Hypothesis and U.S. Economic Growth
Economics
  • Alexander J. Field, Santa Clara University
Document Type
Article
Publication Date
1-1-2007
Publisher
Elsevier B.V.
Disciplines
Abstract
In several articles published in the 1990s, de Long and Summers argued that investment in producer durables had a high propensity to generate externalities in using industries, resulting in a systematic and substantial divergence between its social and private return. They maintained, moreover, that this was not the case for structures investment. Together, these claims constitute the equipment hypothesis. This paper explores the degree to which the history of US economic growth in the 20th century supports it.
Comments

© 2007. This manuscript version is made available under the CC-BY-NC-ND 4.0 license http://creativecommons.org/licenses/by-nc-nd/4.0/.

The final version can be found at - https://doi.org/10.1016/j.eeh.2005.09.002.

Citation Information
Field, Alexander J. 2007. “The Equipment Hypothesis and U.S. Economic Growth.” Explorations in Economic History 43 (January): 43-58: