Productivity and U.S. Economic Growth

✍ Scribed by Fraumeni, B.; Gollop, F. M.; Jorgenson, Dale

• Publisher: North-Holland; Elsevier Science
• Year: 1987;2015
• Tongue: English
• Leaves: 576
• Series: Contributions to economic analysis;Handbooks in Economics
• Category: Library

✦ Synopsis

Between 1948 and 1979, economic activity in the United States increased almost twice as much as over the entire preceding course of American history. The traditional explanation of this remarkable development emphasizes productivity growth. In the most sophisticated study to date of the factors currently affecting economic growth, the authors of this book show that capital formation is far more important, with the growth of labor resources and productivity a distant second. Their conclusions rest on a far more detailed empirical base than any ever assembled in studies of economic growth. For example, the authors distinguish among 81,600 types of labor input - broken down by age, sex, education, occupation, and industry of employment. Similarly, they disaggregate capital by industry, class of asset, and tax treatment. Their analysis of economic growth is from the bottom up'' rather than the top down'' approach used in earlier work. The new findings imply that efforts to revive U.S. economic growth must focus on increased supplies of capital and labor inputs. This is the key to more rapid growth and international competition.

✦ Table of Contents

Front Cover......Page 1
Productivity and U.S. Economic Growth......Page 4
Copyright Page......Page 5
Table of Contents......Page 8
Introduction to the Series......Page 6
Acknowledgments......Page 7
Chapter 1. Overview......Page 10
Methodology......Page 12
Data Generation......Page 16
Sources of Economic Growth......Page 24
Substitution and Productivity Growth......Page 31
Conclusion......Page 37
Chapter 2. Methodology......Page 40
Sectoral Productivity Growth......Page 41
Capital as a Factor of Production......Page 49
Sectoral Value Added......Page 58
Aggregate Productivity Growth......Page 62
Aggregation over Sectors......Page 72
Conclusion......Page 75
Chapter 3. Sectoral Labor Input......Page 78
Iterative Proportional Fitting......Page 81
Sectoral Hours Worked......Page 85
Sectoral Labor Compensation......Page 93
Indices of Sectoral Labor Input......Page 101
Alternative Measures of Sectoral Labor Input......Page 110
Conclusion......Page 116
Chapter 4. Sectoral Capital Input......Page 118
Sectoral Capital Stock......Page 121
Sectoral Property Compensation......Page 131
Indices of Sectoral Capital Input......Page 139
Alternative Measures of Sectoral Capital Input......Page 146
Conclusion......Page 155
Chapter 5. Sectoral Output and Intermediate Input......Page 158
Sectoral Output......Page 161
Sectoral Intermediate Input......Page 168
Indices of Sectoral Output and Intermediate Input......Page 169
Alternative Measures of Sectoral Output, Intermediate Input, and Productivity......Page 180
Conclusion......Page 190
Chapter 6. Growth in Sectoral Output......Page 192
Indices of Sectoral Productivity......Page 193
Sources of Growth in Sectoral Output......Page 200
Contributions of Growth in Sectoral Inputs......Page 205
Contributions of Growth in Quality of Sectoral Inputs......Page 210
Conclusion......Page 218
Chapter 7. Sectoral Substitution and Technical Change......Page 220
Sectoral Distribution......Page 221
Econometric Models......Page 231
Empirical Results......Page 243
Conclusion......Page 267
Chapter 8. Aggregate Labor and Capital Inputs......Page 270
Aggregate Inputs......Page 271
Partial Indices of Labor Input......Page 278
The Quality of Labor Input......Page 281
Partial Indices of Capital Input......Page 301
The Quality of Capital Input......Page 303
Conclusion......Page 308
Chapter 9. Growth in Aggregate Output......Page 310
Aggregate Output......Page 313
Aggregate Productivity Index......Page 316
Alternative Measures of Aggregate Productivity......Page 327
Aggregate Substitution......Page 331
Aggregate Econometric Model......Page 337
Conclusion......Page 349
Employment......Page 354
Compensation......Page 357
APPENDIX B: Sectoral Production Accounts: Labor Input......Page 388
APPENDIX C: Sectoral Production Accounts: Capital Input......Page 440
APPENDIX D: Sectoral Production Accounts: Output, Intermediate Input, and Productivity......Page 488
1. Overview......Page 540
2. Methodology......Page 542
3. Sectoral Labor Input......Page 544
4. Sectoral Capital Input......Page 546
5. Sectoral Output and Intermediate Input......Page 547
7. Sectoral Substitution and Technical Change......Page 548
9. Growth in Aggregate Output......Page 549
References......Page 550
Index......Page 568