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A Statistical Framework for the Analysis of Productivity and Sustainable Development

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  • Nicholas Oulton

Abstract

To analyse the consequences of the changing economic structure of the UK, we need aset of statistics broken down by industry that are consistent with the whole economymeasures available from the national accounts. The theory of growth accounting thenprovides a framework in which the contribution of each industry to the national economycan be measured and assessed. This paper identifies the obstacles currently facing aresearcher trying to implement this approach. It makes a number of recommendations forthe improvement of official statistics.

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Bibliographic Info

Paper provided by Centre for Economic Performance, LSE in its series CEP Discussion Papers with number dp0629.

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Date of creation: Apr 2004
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Handle: RePEc:cep:cepdps:dp0629

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Web page: http://cep.lse.ac.uk/_new/publications/series.asp?prog=CEP

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Keywords: National accounts; growth accounting; productivity;

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References

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  1. Charles R. Hulten, 2000. "Total Factor Productivity: A Short Biography," NBER Working Papers 7471, National Bureau of Economic Research, Inc.
  2. Griliches, Zvi, 1994. "Productivity, R&D, and the Data Constraint," American Economic Review, American Economic Association, vol. 84(1), pages 1-23, March.
  3. Stephen D. Oliner & Daniel E. Sichel, 2000. "The Resurgence of Growth in the Late 1990s: Is Information Technology the Story?," Journal of Economic Perspectives, American Economic Association, vol. 14(4), pages 3-22, Fall.
  4. Oulton, Nicholas, 2001. "Must the Growth Rate Decline? Baumol's Unbalanced Growth Revisited," Oxford Economic Papers, Oxford University Press, vol. 53(4), pages 605-27, October.
  5. Weitzman, Martin L, 1976. "On the Welfare Significance of National Product in a Dynamic Economy," The Quarterly Journal of Economics, MIT Press, vol. 90(1), pages 156-62, February.
  6. Susanto Basu & John G. Fernald & Nicholas Oulton & Sylaja Srinivasan, 2003. "The case of the missing productivity growth: or, does information technology explain why productivity accelerated in the United States but not the United Kingdom?," Working Paper Series WP-03-08, Federal Reserve Bank of Chicago.
  7. Hulten, Charles R, 1978. "Growth Accounting with Intermediate Inputs," Review of Economic Studies, Wiley Blackwell, vol. 45(3), pages 511-18, October.
  8. Hulten, Charles R, 1973. "Divisia Index Numbers," Econometrica, Econometric Society, vol. 41(6), pages 1017-25, November.
  9. Nicholas Oulton, 2002. "Productivity versus welfare: or, GDP versus Weitzman's NDP," Bank of England working papers 163, Bank of England.
  10. Susanto Basu & John G. Fernald & Nicholas Oulton & Sylaja Srinivasan, 2003. "The Case of the Missing Productivity Growth: Or, Does Information Technology Explain why Productivity Accelerated in the US but not the UK?," NBER Working Papers 10010, National Bureau of Economic Research, Inc.
  11. Weitzman, Martin L, 1997. " Sustainability and Technical Progress," Scandinavian Journal of Economics, Wiley Blackwell, vol. 99(1), pages 1-13, March.
  12. Ana Aizcorbe, 2002. "Why are semiconductor prices falling so fast? Industry estimates and implications for productivity measurement," Finance and Economics Discussion Series 2002-20, Board of Governors of the Federal Reserve System (U.S.).
  13. Nicholas Oulton, 1998. "The implications of the Boskin Report," National Institute Economic Review, National Institute of Economic and Social Research, vol. 165(1), pages 89-98, July.
  14. Venetia Bell & Pablo Burriel-Llombart & Jerry Jones, 2005. "A quality-adjusted labour input series for the United Kingdom (1975-2002)," Bank of England working papers 280, Bank of England.
  15. Allen N. Berger & David B. Humphrey, 1992. "Measurement and Efficiency Issues in Commercial Banking," NBER Chapters, in: Output Measurement in the Service Sectors, pages 245-300 National Bureau of Economic Research, Inc.
  16. Alessandra Colecchia & Paul Schreyer, 2002. "ICT Investment and Economic Growth in the 1990s: Is the United States a Unique Case? A Comparative Study of Nine OECD Countries," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 5(2), pages 408-442, April.
  17. Nicholas Oulton & Sylaja Srinivasan, 2003. "Capital stocks, capital services, and depreciation: an integrated framework," Bank of England working papers 192, Bank of England.
  18. David Mayes & Garry Young, 1994. "Improving The Estimates of the UK Capital Stock," National Institute Economic Review, National Institute of Economic and Social Research, vol. 147(1), pages 84-96, February.
  19. G. Christian Ehemann & Brent R. Moulton, 2001. "Balancing the GDP Account," BEA Papers 0014, Bureau of Economic Analysis.
  20. Nicholas Crafts, 2002. "UK Real National Income, 1950-1998: Some Grounds for Optimism," National Institute Economic Review, National Institute of Economic and Social Research, vol. 181(1), pages 87-95, July.
  21. Bart van Ark & Robert Inklaar & Robert H. McGuckin, 2002. "'Changing Gear' - Productivity, ICT and Services Industries: Europe and the United States," Economics Program Working Papers 02-02, The Conference Board, Economics Program.
  22. Dennis J. Fixler & Kimberly D. Zieschang, 1992. "User Costs, Shadow Prices, and the Real Output of Banks," NBER Chapters, in: Output Measurement in the Service Sectors, pages 219-243 National Bureau of Economic Research, Inc.
  23. Dale W. Jorgenson & Kevin J. Stiroh, 2000. "Raising the Speed Limit: US Economic Growth in the Information Age," OECD Economics Department Working Papers 261, OECD Publishing.
  24. John Forth, 2001. "The low-paid worker and the low-paying employer: characterisations using WERS98," NIESR Discussion Papers 163, National Institute of Economic and Social Research.
  25. Ana Rincon-Aznar & Dr Michela Vecchi, 2004. "The dynamic impact of ICT spillovers on companies' productivity performance," NIESR Discussion Papers 97, National Institute of Economic and Social Research.
  26. James Sefton & Martin Weale, 1996. "Real National Income," National Institute Economic Review, National Institute of Economic and Social Research, vol. 155(1), pages 90-97, February.
  27. Schreyer, Paul, 2002. "Computer Price Indices and International Growth and Productivity Comparisons," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 48(1), pages 15-31, March.
  28. Kevin J. Stiroh & Dale W. Jorgenson, 2000. "U.S. Economic Growth at the Industry Level," American Economic Review, American Economic Association, vol. 90(2), pages 161-167, May.
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Cited by:
  1. Nicholas Oulton & Sylaja Srinivasan, 2005. "Productivity growth in UK industries, 1970-2000: structural change and the role of ICT," Bank of England working papers 259, Bank of England.

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