CHAPTER 6

Industrial Production and Industry Output

Is Manufacturing Doing Just Fine? Is it Simply Following the Agricultural Model?

As shown in previous chapters, U.S. manufacturing has lost millions of jobs and tens of thousands of manufacturing establishments. Nevertheless, many claim that all is well with U.S. manufacturing and that output and production are up, comparing the situation with the growth of agricultural output accomplished with many fewer employees. Some examples of this thinking as provided by Atkinson (Atkinson et al. 2012):

“The long-term trends that we have recently seen in manufacturing mirror what we saw in agriculture a couple of generations ago.” N. Gregory Mankiw, Chairman of the Council of Economic Advisers (CEA) under ...

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