Abstract
The two-thirds drop in labor productivity during the 1970s, which led to slower economic growth and higher prices, is analyzed and the results compared with those of other studies. The authors' investigation focuses on that portion of private business covered by US Bureau of Labor Statistics. Their approach weights capital and labor growth rates by their shares in the business sector's gross domestic product. Contributing factors are limited to those that can be quantified and adapted and whose effects can be shown to be greater during the slowdown period. Two periods of slowdown are identified: 1965-1973 and 1973-1978. The two periods differ in that the latter is dominated by reduced capital formation, due partially to energy price increases, and shows the effects of an interindustry shift in labor and capital. 46 references, 13 tables. (DCK)
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