By Charles R. Hulten, Edwin R. Dean, Michael Harper
The productiveness slowdown of the Seventies and Eighties and the resumption of productiveness development within the Nineties have provoked controversy between policymakers and researchers. Economists were pressured to reexamine primary questions of size approach. a few researchers argue that econometric ways to productiveness dimension usefully tackle shortcomings of the dominant index quantity recommendations whereas others preserve that present productiveness records underreport harm to the surroundings. during this e-book, the participants suggest leading edge ways to those concerns. the result's a state of the art exposition of up to date productiveness analysis.Charles R. Hulten is professor of economics on the college of Maryland. He has been a senior study affiliate on the city Institute and is chair of the convention on study in source of revenue and Wealth of the nationwide Bureau of monetary study. Michael Harper is leader of the department of productiveness learn on the Bureau of work statistics. Edwin R. Dean, previously affiliate commissioner for productiveness and know-how on the Bureau of work information, is adjunct professor of economics on the George Washington college.
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Extra resources for New Developments in Productivity Analysis (National Bureau of Economic Research Studies in Income and Wealth)
What Diewert showed, in eﬀect, was that the translog specification of the production function served as a potential function for the discrete Tornqvist index in the same way that the continuous production function served as a potential function for the continuous Divisia index. One important consequence of this result is that the index number approach of the Solow residual is not entirely nonparametric. There is a parametric production function underlying the method of approximation if the discretetime index is to be an exact measure of Hicksian eﬃciency.
Only deviations from the exponential path can be identified. Finally, it is well to remember that the residual can only measure the costless part of innovation, embodied or otherwise. Total Factor Productivity 31 thus gives the appearance of technical regress even though progress has occurred. These considerations can be parameterized and embedded into the standard TFP model by introducing a simple type of quality ladder (Hulten 1996, 2000). Suppose that product-oriented technical change proceeds at a rate (essentially the marginal rate of substitution between old goods and new goods of superior quality), and the cost of achieving this rate of quality change is .
Economy A now invests half its workforce in research and is able to quadruple the output of the remaining 50 workers. Output and TFP thus double. In economy B, on the other hand, the 50 are diverted to research and manage to invent a new good that is four times as desirable (that is, inhabitants of B gladly exchange four units of the old output for one unit of new), but only 50 units of physical output are produced. Physical output and TFP fall by half in B, even though innovation has made the inhabitants of B as well oﬀ as those in A.
New Developments in Productivity Analysis (National Bureau of Economic Research Studies in Income and Wealth) by Charles R. Hulten, Edwin R. Dean, Michael Harper