Empty Sources of Growth Accounting, and Empirical Replacements à la Kaldor with Some Beef
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
Volume (Year): 5 (2004)
Issue (Month): 3 ()
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