The Adversity/Hysteresis Effect: Depression Era Productivity Growth in the U.S. Railroad Sector
in The Rate and Direction of Inventive Activity Revisited, eds. Josh Lerner and Scott Stern, Chicago: University of Chicago Press for the NBER, 2012, pp. 579-610.
17 Pages Posted: 3 May 2018
Date Written: April 15, 2012
Is there a silver lining to Depression? This paper examines one instance where economic downturn appears to have given a permanent boost to productivity: the U.S. railroad industry during the Depression.
Keywords: Railroads, Productivity, Great Depression
JEL Classification: D24, E32, N31
Suggested Citation: Suggested Citation