@techreport{NBERw6647,
 title = "Accounting for Growth",
 author = "Jeremy Greenwood and Boyan Jovanovic",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "6647",
 year = "1998",
 month = "July",
 URL = "http://www.nber.org/papers/w6647",
 abstract = {A satisfactory account of the postwar growth experience of the United States should be able to come to terms with the following three facts: 1.  Since the early 1970's there has been a slump in the advance of productivity. 2.  The price of new equipment has fallen steadily over the postwar period. 3.  Since the mid-1970's the skill premium has risen. Variants of Solow's (1960) vintage-capital model can go a long way toward explaining these facts, as this paper shows.  In brief, the explanations are: 1.  Productivity slowed down because the implementation of information technologies was       both costly and slow. 2.  Technological advance in the capital goods sector has lead to a decline in equipment          prices. 3.  The skill premium rose because the new, more efficient capital is complementary with         skilled labor and/or because the use of skilled labor facilitates the adoption of new technologies.},
}