Productivity Growth and Machinery Investment: A Long-Run Look, 1870–1980

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Abstract
Over the past century in six major economies, economic growth has been strongly associated with machinery investment, as is the case for a larger group of nations since 1950. Both macroeconomic patterns and narratives of the history of technology suggest that this association is causal—that a high rate of machinery investment appears to be a necessary prerequisite for rapid long-run growth—and points away from possibilities that rapid growth is the cause of high machinery investment or that a high rate of machinery investment is a good proxy for other factors that are important causes of growth.

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