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Alternative Methods for Measuring Productivity Growth

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Author Info
William D. Nordhaus

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Abstract

The present study is a contribution to the theory of the measurement of productivity growth. First, it examines the welfare-theoretic basis for measuring productivity growth and shows that the ideal welfare-theoretic measure is a chain index of productivity growth rates of different sectors which uses current output weights. Second, it lays out a technique for decomposing productivity growth which separates aggregate productivity growth into three factors -- the pure productivity effect, the effect of changing shares, and the effect of different productivity levels. Finally, it shows how to apply the theoretically correct measure of productivity growth and indicates which of the three different components should be included in a welfare-oriented measure of productivity growth. The study concludes that none of the measures generally used to measure productivity growth is consistent with the theoretically correct measure.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 8095.

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Date of creation: Jan 2001
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Handle: RePEc:nbr:nberwo:8095

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Find related papers by JEL classification:
E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
O3 - Economic Development, Technological Change, and Growth - - Technological Change

Cited by:
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  1. Slevin, Geraldine, 2002. "Is There a "New Economy" in Ireland?," Research Technical Papers 3/RT/02, Central Bank & Financial Services Authority of Ireland (CBFSAI). [Downloadable!]
  2. Paola Caselli & Francesco Paternò, 2001. "ICT accumulation and productivity growth in the United States: an analysis based on industry data," Temi di discussione (Economic working papers) 419, Bank of Italy, Economic Research Department. [Downloadable!]
  3. Giulia Felice, 2003. "Dinamica strutturale e occupazione nei servizi," Department of Economics Working Papers 0304, Department of Economics, University of Trento, Italia. [Downloadable!]
  4. J. Steven Landefeld & Barbara M. Fraumeni, 2001. "Measuring the New Economy," BEA Papers 0009, Bureau of Economic Analysis. [Downloadable!]
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