Quotation of the Day…

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… is from page 179 of University of Connecticut economist Richard Langlois’s monumental 2023 study, The Corporation and the Twentieth Century (footnote deleted; link added):

Yet [in America during the 1920s] TFP [Total Factor Productivity] growth was broadly distributed across sectors, and it might be better attributed on the whole to America’s institutional tolerance for creative destruction in this period rather than to the advent of specific general-purpose technologies like electrification or the automobile.