Golden Age of productivity
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The term "Golden Age of Productivity" commonly refers to periods of exceptional economic growth and efficiency. Several experts have discussed this topic in various contexts:
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Marc Levinson explains that the "Golden Age" of productivity, particularly from 1948 to 1973, was marked by unprecedented economic growth, low unemployment, and increased labor market efficiency. This era ended around 1973 due to various factors, including the oil crisis, and since then, economic growth has normalized to slower rates, which are more typical historically 1 2 .
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Dan Sichel illustrates the Golden Age within specific industries, like nail manufacturing, noting that significant productivity gains were made from the 19th century to the mid-20th century. Advances have slowed since, and future productivity gains may come from advanced automation and technology in labor-intensive sectors like construction 3 .
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Russ Roberts and Patrick Collison speak about a "Golden Age of storytelling" in the context of modern entertainment. With platforms like YouTube and Netflix, there is a proliferation of high-quality content, similar to how the productivity age allowed for the flourishing of talents and industries 4 .
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Glen Weyl underscores that high productivity periods correspond with significant public investments and social insurance policies, which fostered an environment conducive to innovation and entrepreneurial activities post-World War II 5 .
These insights reflect how the concept of a "Golden Age" can apply to different eras and sectors, recognizing past remarkable growth and setting expectations for future advancements.
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