The productivity growth slowdown that started in the 1970s presents a challenge to Kaldor’s growth facts and the one-sector growth model. We ask: What natural modification of the growth model can generate a prolonged productivity growth slowdown? We show that the two-sector version with separate consumption and investment sectors has a balanced growth path equilibrium along which productivity growth slows down if two conditions hold: real GDP is measured with the Fisher index; productivity growth in the consumption sector slows down. We also show that real GDP measured with the Fisher index is a welfare measure in the two-sector version.

中文翻译：

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生产率增长放缓和卡尔多的增长事实

1970 年代开始的生产率增长放缓对卡尔多的增长事实和单一部门增长模型提出了挑战。我们问：增长模型的哪些自然修改会导致生产率增长长期放缓？我们表明，如果两个条件成立，具有独立消费和投资部门的两部门版本具有均衡的增长路径均衡，沿着该均衡，生产率增长放缓：实际 GDP 用费雪指数衡量；消费部门的生产率增长放缓。我们还表明，用费雪指数衡量的实际 GDP 是两部门版本中的福利衡量标准。