The Rise and Fall of American Growth: The U.S. Standard of Living since the Civil War by Robert J. Gordon

In his 2016 book "The Rise and Fall of American Growth: The U.S. Standard of Living since the Civil War," economist Robert J. Gordon offers a comprehensive history of economic progress and regression in the United States since the Civil War.

The book begins by looking at the technological advancements that enabled the unprecedented economic growth of the late 19th century. This era of unprecedented change, which included the development of electric power, the telephone, and advances in transportation, ushered in what is known as the “industrial revolution.”

Gordon then turns his attention to the rise of manufacturing and its effect on the American economy. During this period, the U.S. advanced from being an agrarian society to a powerful industrial nation. This transformation from a mostly agricultural-based economy to one that was heavily reliant on industry and manufacturing was due in large part to the industrialization of the workforce and the implementation of new technologies.

As the economy continued to grow, the U.S. underwent a period of “mass consumption” during which citizens gained access to a wide array of products and services, including electricity, motor vehicles, airplanes, telephones, and appliances. By the mid-20th century, the U.S. had achieved great economic prosperity, with a high standard of living and strong wage growth.

But according to Gordon, this period of prosperity came to an end in the late 1960s and early '70s, with the emergence of globalization, global competition, and the growth of government regulation. These, as well as other factors, all contributed to the deceleration of economic growth in the U.S.

Since then, the economy has become increasingly stagnant, with much slower growth in productivity and living standards. To make matters worse, Gordon argues that global competition has driven wages down and de-incentivized innovation.

But, he adds, the current period of slow economic growth is not all bad news. According to Gordon, the U.S. has been able to maintain much of its high standard of living despite its depressed economic growth, thanks in large part to government entitlements, such as Social Security and Medicare.

Overall, "The Rise and Fall of American Growth" provides an in-depth account of the economic development in the United States since the Civil War, including the rise and fall of industrialization, mass consumption, and globalization. It also offers insight into the current state of the American economy and how it has been impacted by globalization and government regulation.

By giving an intriguing look into the past, present, and future of U.S. economic growth, Gordon’s book provides invaluable insight into the story of America’s complex economic journey since the Civil War.