Development of the American Economy

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class="share"> <span class="share__label">Share</span> <div class="share__buttons addthis_toolbox addthis_default_style"> <a class="share__btn addthis_button_twitter" title="Twitter" href="#share_twitter"> <span class="share__btn-text">X</span><span class="share__btn-icon"> <svg aria-hidden="true" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" width="24" height="19" viewBox="0 0 24 19"> <g transform="scale(0.075,0.075) translate(10,0)"> <path d="m236 0h46l-101 115 118 156h-92.6l-72.5-94.8-83 94.8h-46l107-123-113-148h94.9l65.5 86.6zm-16.1 244h25.5l-165-218h-27.4z"/> </g> </svg> </span> </a> <a class="share__btn addthis_button_linkedin" target="_blank" title="LinkedIn" href="#share_linkedin"> <span class="share__btn-text">LinkedIn</span><span class="share__btn-icon"> <svg aria-hidden="true" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" width="24" height="23" viewBox="0 0 24 23"> <g transform="translate(-1101 -3501)"> <path 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class="page-header__intro-inner"> <p>The Program on the Development of the American Economy explores the sources of long-run growth and fluctuations in the US economy. It considers the contributions of human and physical capital, as well as the role of public policy.</p> <a class="link link--arrow" href="/conferences/si-2024-development-american-economy">Read summaries of presentations at the latest program meeting</a> <a href="/reporter/2017number2/program-report-development-american-economy-2017" class="link link--arrow">Read the latest Program Report</a> <a href="/affiliated-scholars?facet=user_programs%3ADevelopment%20of%20the%20American%20Economy&page=1&perPage=50&sortBy=alpha#listing-2019022" class="link link--arrow">Affiliated scholars</a> </div> </div> </div> <div class="page-subtitle page-subtitle--centered page-subtitle--grey"> <h2 class="page-subtitle__title"> Codirectors </h2> </div> <section class="promo-grid promo-grid--2-up promo-grid--grey promo-grid--row-rules"> <div class="promo-grid__promos"> <div class="digest-card digest-card--right-image"> <img loading="lazy" class="digest-card__image" src="/sites/default/files/styles/author_card/public/2020-09/Leah%20Platt%20Boustan%20Profile.jpg?itok=ddZY-X1d" width="160" height="174" alt="Leah Platt Boustan Profile.jpg" typeof="foaf:Image" /> <div class="digest-card__title"> </div> <div class="digest-card__summary"> <p><span><span><span><a href="/people/leah_boustan">Leah Boustan</a> is a professor of economics at Princeton University.  Her research focuses on issues at the intersection of labor economics and economic history, particularly the consequences of the Great Black Migration after WWII. She has been an NBER affiliate since 2007.</span></span></span></p> </div> </div> <div class="digest-card digest-card--right-image"> <img loading="lazy" class="digest-card__image" src="/sites/default/files/styles/author_card/public/2019-06/william_collins.jpg?itok=6U9CcWp-" width="160" height="217" alt="collins" typeof="foaf:Image" /> <div class="digest-card__title"> </div> <div class="digest-card__summary"> <p><span><span><span><a href="/people/william_collins">William Collins</a> is the Terence E. Adderly Jr. Professor of Economics at Vanderbilt University. His research focuses on 20th century labor markets and cities, including migration, racial disparities, and urban renewal. He has been an NBER affiliate since 1999.</span></span></span></p> </div> </div> </div> </section> <div class="page-subtitle page-subtitle--centered"> <h2 class="page-subtitle__title"> Featured Program Content </h2> </div> <section class="promo-grid promo-grid--3-up"> <div class="promo-grid__promos"> <div class="today-promo js-clickable-card is-clickable today_promo_article" data-href="/digest/202408/gaining-steam-incumbent-lock-and-entrant-leapfrogging"> <div class="today-highlight-image horizontal"> <img loading="lazy" src="/sites/default/files/styles/promo/public/2024-07/w32384.jpg?itok=br0rPxYA" width="800" height="450" alt="Gaining Steam: Incumbent Lock-In and Entrant Leapfrogging" class="lazyload today-promo__image" data-src="/sites/default/files/styles/promo/public/2024-07/w32384.jpg?itok=br0rPxYA" typeof="foaf:Image" /> </div> <div class="today-promo__title"><a href="/digest/202408/gaining-steam-incumbent-lock-and-entrant-leapfrogging"> <span property="schema:name">Gaining Steam: Incumbent Lock-In and Entrant Leapfrogging</span> </a></div> <ul class="today-promo__tags"> <li class="today-promo__tag">Article</li> </ul> <ul class="today-promo__tags"> <li class="today-promo__tag"> Authors: <span class="page-header__author-item"> <a href="/people/richard_hornbeck">Richard Hornbeck</a>, </span> <span class="page-header__author-item"> <a href="/people/shmhsu">Shanon Hsuan-Ming Hsu</a>, </span> <span class="page-header__author-item"> <a href="/people/anders_humlum">Anders Humlum</a> </span> <span class="page-header__author-item"> & <a href="/people/martin_rotemberg">Martin Rotemberg</a> </span> </li> </ul> <div class="today-promo__desc"> Water mills were the predominant power sources in the US in the early nineteenth century. The introduction of improved steam engines around 1850 offered...</div> </div> <div class="today-promo js-clickable-card is-clickable today_promo_article" data-href="/digest/202407/public-investment-spurred-regional-economies-evidence-wwii"> <div class="today-highlight-image horizontal"> <img loading="lazy" src="/sites/default/files/styles/promo/public/2024-07/w32265.jpg?itok=6R8UabRb" width="800" height="450" alt="Public Investment Spurred Regional Economies: Evidence from WWII figure" class="lazyload today-promo__image" data-src="/sites/default/files/styles/promo/public/2024-07/w32265.jpg?itok=6R8UabRb" typeof="foaf:Image" /> </div> <div class="today-promo__title"><a href="/digest/202407/public-investment-spurred-regional-economies-evidence-wwii"> <span property="schema:name">Public Investment Spurred Regional Economies: Evidence from WWII</span> </a></div> <ul class="today-promo__tags"> <li class="today-promo__tag">Article</li> </ul> <ul class="today-promo__tags"> <li class="today-promo__tag"> Authors: <span class="page-header__author-item"> <a href="/people/andrew_garin">Andrew Garin</a> </span> <span class="page-header__author-item"> & <a href="/people/jrothbaum">Jonathan L. Rothbaum</a> </span> </li> </ul> <div class="today-promo__desc"> There is currently substantial interest in public policies that encourage ﬁrms to locate new manufacturing plants in regions with limited opportunities...</div> </div> <div class="today-promo js-clickable-card is-clickable today_promo_article" data-href="/digest/202401/occupational-choice-face-technological-disruption"> <div class="today-highlight-image horizontal"> <img loading="lazy" src="/sites/default/files/styles/promo/public/2023-12/w31743.jpg?itok=nCWOCttE" width="800" height="450" alt="w31743_Obsolescence of Occupations figure" class="lazyload today-promo__image" data-src="/sites/default/files/styles/promo/public/2023-12/w31743.jpg?itok=nCWOCttE" typeof="foaf:Image" /> </div> <div class="today-promo__title"><a href="/digest/202401/occupational-choice-face-technological-disruption"> <span property="schema:name">Occupational Choice in the Face of Technological Disruption</span> </a></div> <ul class="today-promo__tags"> <li class="today-promo__tag">Article</li> </ul> <div class="today-promo__desc">When a new technology threatens to take away jobs in an established industry, employment in that industry declines and wages rise. 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