Productivity and U.S. Economic Growth - 1st Edition - ISBN: 9780444703538, 9781483295879

Productivity and U.S. Economic Growth, Volume 169

1st Edition

Authors: Dale Jorgenson F.M. Gollop B. Fraumeni
eBook ISBN: 9781483295879
Imprint: North Holland
Published Date: 1st May 1988
Page Count: 573
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Table of Contents

Overview. Methodology. Sectoral Labor Input. Sectoral Capital Input. Sectoral Output and Intermediate Output. Growth in Sectoral Output. Sectoral Substitution and Technical Change. Aggregate Labor and Capital Inputs. Growth in Aggregate Output. Appendices.


Description

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 thetop 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.

One of the most important features of the book is the way in which it successfully integrates the theory of producer behavior with the indexing and measurement of production growth. The authors present startling new findings showing that less than one-fourth of overall growth is attributable to advances in productivity.


Details

No. of pages:
573
Language:
English
Copyright:
© North Holland 1988
Published:
Imprint:
North Holland
eBook ISBN:
9781483295879

Ratings and Reviews


About the Authors

Dale Jorgenson Author

Professor of Economics, Harvard University, Cambridge, Mass USA

Affiliations and Expertise

Professor of Economics, Harvard University, Cambridge Mass USA

F.M. Gollop Author

B. Fraumeni Author