According to the growth accounting formula and data for the mid-1970s through the mid-1990s, the most important reason for the slowdown in economic growth has been

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The most significant factor for the slowdown in economic growth during the mid-1970s through the mid-1990s, according to the growth accounting formula, was a decline in the rate of technological change. This formula attributes economic growth to increases in capital, labor, and technological progress, and analyses from that period highlight that the deceleration in productivity and overall economic growth was largely due to slower technological innovation.

According to the Growth Accounting Formula and Data for the Mid-1970s