ECONOMIC GROWTH: STATEMENT OF THE PROBLEM 9 (2)Ibid., Part E Decade averages computed from annual data underlying five- year moving ine(1)+line(2)(1929 dollars per person) line(2) 18902snCm、sm+w,2 rces. From 1889-1918, the labor force figures were fir and adding armed force and adding armed forces. le7,col.(1).1944-53 supplied to the author for 1934 and 1944. The given data ar 78d -e ditn plated tiom137-g by mo erment ot estimates by Schmoker, o), ci 1944-53: Extrapolated from 1939-48 on basis of estimates kindly supplied by J.w eighties itn esrf relate es cisl9-28- 2100), combining man- hours per capita and capital per employed in 1929 1 1)(cents per dollar of cap Index of NNP+index of total input of resources(1919-28=100). put per capita declined slightly between the seventies and the present. This resulted from the counteraction of two trends. The labor force ratio, that is, the ratio of labor force to population, grew about 25 per cent as a result of changes in the age composition of the populatio because of the shift of people from farms to cities, and because the great increase in the participation of women in work offset the with- drawal of young people to school and of elderly men to earlier retire- ment On the other hand the reduction in working hours more than unterbalanced the increase in the labor force ratio te(National ent between the 1870 s and the 1950 s the ours of work. The appearing in Kuznets"Long-Term Changes"extended an extra decade on the basis of
AMERICAN ECONOMIC ASSOCIATION The physical volume of capital, of course, increased much more rap ly than population. An estimate of total capital, which takes accoun of land, structures, producers' durable equipment, inventories and net ago. Capital per head of the population approximately tripled e years foreign claims, increased to nearly ten times its size seventy-fiv What has been the increase in the input of all resources per capita? Suppose we combine our indexes of labor input per capita and of cap- Kendricks figures. But other estimates make the long-term decline somewhat les more. For comparison, the following alternatives are of interest: Given Average Kuznets, Standard Hours Dewhurst and Fichlander Actual Hours in Commodity 1869-79 (4) Barger, Actual Hours in Distribution 1869- 894-1903 (6)Kendrick, Actual Hours Line (1)-Long-Term Changes, "Table 7. Figures extended from 1939-48 to 1944-53 on th shuf tiamat s es plimdricd 3. Needendnd Resources, A New Survey Distribution's Place in the American Economy since 1869, Table 5 ine(6)-Supplied by J. w. Kendrick treated with great GRod s stt'sies tim atms me eridatioenau f. y i p.18) Relatives for 1944 (2)÷(1) Land 133 Structures, producers' durable equipment, inventories and net foreign claims. Neither Goldsmith's figur Kuznets' are free of serious difficulties due to weak esses in the statistical sources of capital data an 0 nent. The decline in abor hours is not a reliable indication since casita s often Itiple shifts ch practic have grown or declined