The Components of RGDP/CPI

Friday's graph, output compared to prices, shows three distinct stages: 1947-1966, 1969-1982, and 1983-2011 or so. That graph shows the three stages clearly. But you can't pull meaningful numbers from it. I can't, anyway.

So I went back to the FRED numbers and made a graph comparing the "compound annual growth rate" of real GDP with that of inflation, for those three periods of U.S. economic history:

The rate of real GDP growth was twice the rate of inflation for the 1947-1966 period. GDP growth was one-third the rate of inflation for the 1969-1982 period. And the two rates were near equal for the 1983-2011 period.