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Hicks Neutral Technical Change Revisited: CES Production Function and Information of General Order

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Author Info
Arnaud Dupuy (Maastricht University)

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Abstract

In this paper, I show that Hicks neutral technical change is identified as the information of order sigma obtained if the distribution of factor prices is replaced by the distribution of factor efficiency parameters. Together with Solow's residual, the information method enables us to distinguish between the neutral and non neutral part of technical and organizational changes. An empirical evaluation of both methods is provided using Jorgenson's (2001) US data for the period 1948-1999. The main results of the paper are that i) both neutral and non neutral technical change have occurred in the US in the period 1948-1999 and ii) 3/4th of the productivity slowdown observed in the 70s and 80s is due to a deceleration in the contribution of non neutral technical changes.

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Publisher Info
Article provided by Berkeley Electronic Press in its journal Topics in Macroeconomics.

Volume (Year): 6 (2006)
Issue (Month): 2 ()
Pages: 1339-1339
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Handle: RePEc:bep:mactop:v:6:y:2006:i:2:p:1339-1339

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Related research
Keywords: neutral and non neutral technical change Solow's residual information of general order

Find related papers by JEL classification:
O47 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence

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  2. Charles I. Jones, 1999. "Growth: With or Without Scale Effects?," American Economic Review, American Economic Association, vol. 89(2), pages 139-144, May. [Downloadable!] (restricted)
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  3. Hall, Robert E, 1988. "The Relation between Price and Marginal Cost in U.S. Industry," Journal of Political Economy, University of Chicago Press, vol. 96(5), pages 921-47, October. [Downloadable!] (restricted)
  4. Chang-Tai Hsieh, 1999. "Productivity Growth and Factor Prices in East Asia," American Economic Review, American Economic Association, vol. 89(2), pages 133-138, May. [Downloadable!] (restricted)
  5. Zvi Griliches, 1996. "The Discovery of the Residual: A Historical Note," Journal of Economic Literature, American Economic Association, vol. 34(3), pages 1324-1330, September. [Downloadable!] (restricted)
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  6. Sato, Ryuzo & Koizumi, Tetsunori, 1973. "On the Elasticities of Substitution and Complementarity," Oxford Economic Papers, Oxford University Press, vol. 25(1), pages 44-56, March. [Downloadable!] (restricted)
  7. Matthew D. Shapiro, 1987. "Are Cyclical Fluctuations in Productivity Due More to Supply Shocks or Demand Shocks?," Cowles Foundation Discussion Papers 822, Cowles Foundation, Yale University. [Downloadable!]
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  8. Romer, Paul M, 1990. "Endogenous Technological Change," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages S71-102, October. [Downloadable!] (restricted)
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  9. Robert E. Hall, 1988. "The Relation Between Price and Marginal Cost in U.S. Industry," NBER Working Papers 1785, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  10. Dale W. Jorgenson, 2001. "Information Technology and the U.S. Economy," American Economic Review, American Economic Association, vol. 91(1), pages 1-32, March. [Downloadable!] (restricted)
  11. Rainer Klump & Olivier de La Grandville, 2000. "Economic Growth and the Elasticity of Substitution: Two Theorems and Some Suggestions," American Economic Review, American Economic Association, vol. 90(1), pages 282-291, March. [Downloadable!] (restricted)
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