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Empty Sources of Growth Accounting, and Empirical Replacements à la Kaldor with Some Beef

  • Codrina Rada

    (New School University, New York, USA)

  • Lance Taylor

    (New School University, New York, USA)

Standard sources of growth accounts are empty of content because they rely on neoclassical production theory. Rather, analysis can be based on productivity growth quations derived either from NIPA accounting conventions or algebraic identities. These complementary schemes impose valid restrictions on growth rates of the wage rate, profit rate, capital, labor, and their respective average productivities. A Solow-type growth model based on proper accounting can be shown to converge. Detailed results differ markedly from those of the standard model. Alternative, essentially Kaldorian supply-and demandbased alternatives to sources of growth based on a familiar output growth vs. productivity growth diagram with constant employment growth contours added in look like a useful alternative to the mainstream models

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File URL: http://www.anpec.org.br/revista/vol5/vol5n3p45_74.pdf
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Article provided by ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics] in its journal Economia.

Volume (Year): 5 (2004)
Issue (Month): 3 ()
Pages: 45-74

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Handle: RePEc:anp:econom:v:5:y:2004:i:3:p:45-74
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  1. Mark P. Taylor, 2003. "Purchasing Power Parity," Review of International Economics, Wiley Blackwell, vol. 11(3), pages 436-452, 08.
  2. Taylor, Mark P & Peel, David A & Sarno, Lucio, 2001. "Nonlinear Mean-Reversion in Real Exchange Rates: Toward a Solution to the Purchasing Power Parity Puzzles," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 42(4), pages 1015-42, November.
  3. Douglas Gollin, 2002. "Getting Income Shares Right," Journal of Political Economy, University of Chicago Press, vol. 110(2), pages 458-474, April.
  4. Jesus Felipe & Franklin M. Fisher, 2003. "Aggregation in Production Functions: What Applied Economists should Know," Metroeconomica, Wiley Blackwell, vol. 54(2-3), pages 208-262, 05.
  5. Shaikh, Anwar, 1974. "Laws of Production and Laws of Algebra: The Humbug Production Function," The Review of Economics and Statistics, MIT Press, vol. 56(1), pages 115-20, February.
  6. Taylor, Lance, 1994. "Gap models," Journal of Development Economics, Elsevier, vol. 45(1), pages 17-34, October.
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