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U.S. Real Product And Real Factor Input, 1929–1967

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  • Laurits R. Christensen
  • Dale W. Jorgenson

Abstract

The objective of this paper is to provide a conceptual basis for separating social product and social factor input accounts into price and quantity components. Despite the essential similarity between concepts of real product and real factor input, the measurement of social factor outlay in constant prices is not well established in social accounting practice. Production accounts are constructed for the United States in current and constant prices, including social product and social factor outlay, for the period 1929–1967. The resulting estimates are applied to the measurement of total factor productivity and the study of the responsiveness of product and factor intensities to price changes.

Suggested Citation

  • Laurits R. Christensen & Dale W. Jorgenson, 1970. "U.S. Real Product And Real Factor Input, 1929–1967," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 16(1), pages 19-50, March.
    • Handle: RePEc:bla:revinw:v:16:y:1970:i:1:p:19-50
    DOI: 10.1111/j.1475-4991.1970.tb00695.x
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    1. Alan W. Renwick & Cesar L. Revoredo Giha & Mark A. Reader, 2005. "UK Sugar Beet Farm Productivity under Different Reform Scenarios: A Farm Level Analysis," Environmental Economy and Policy Research Working Papers 04.2005, University of Cambridge, Department of Land Economics, revised 2005.
    2. N. Islam, 2000. "An Analysis of Productivity Growth in Western Australian Agriculture," Economics Discussion / Working Papers 00-15, The University of Western Australia, Department of Economics.
    3. Stokes, Houston H., 2016. "Using nonlinear testing procedures to specify the right hand side of an aggregate production function containing financial variables in the period 1967–2011," The Journal of Economic Asymmetries, Elsevier, vol. 14(PB), pages 147-156.
    4. Panos Fousekis & Aspasia Papakonstantinou, 1997. "Economic Capacity Utilisation And Productivity Growth In Greek Agriculture," Journal of Agricultural Economics, Wiley Blackwell, vol. 48(1‐3), pages 38-51, January.
    5. Atkinson, Scott E. & Tsionas, Mike G., 2016. "Directional distance functions: Optimal endogenous directions," Journal of Econometrics, Elsevier, vol. 190(2), pages 301-314.
    6. Liang, Chi-yuan & Mei, Jia-yuan, 2005. "Underpinnings of Taiwan's economic growth: 1978-1999 productivity study," Economic Modelling, Elsevier, vol. 22(2), pages 347-387, March.
    7. Stokes, Houston H., 2013. "Money balances in the production function: Nonlinear tests of model stability and measurement issues – two sides of the same coin?," The Journal of Economic Asymmetries, Elsevier, vol. 10(2), pages 101-114.
    8. Guohua Feng & Jiti Gao & Xiaohui Zhang, 2018. "Estimation of technical change and price elasticities: a categorical time–varying coefficient approach," Journal of Productivity Analysis, Springer, vol. 50(3), pages 117-138, December.
    9. Jean-Paul Chavas & Thomas L. Cox, 1994. "A Primal-Dual Approach to Nonparametric Productivity Analysis: the Case of U.S. Agriculture," Wisconsin-Madison Agricultural and Applied Economics Staff Papers 372, Wisconsin-Madison Agricultural and Applied Economics Department.
    10. Francesco Venturini, 2005. "How Much Does IT Consumption Matter for Growth? Evidence from National Accounts," Rivista di Politica Economica, SIPI Spa, vol. 95(1), pages 57-110, January-F.
    11. Alan W. Renwick & Cesar L. Revoredo Giha, 2005. "Analysis of the Impact on UK Sugar Production Efficiency of Reforming the EU Sugar Regime," Environmental Economy and Policy Research Working Papers 07.2005, University of Cambridge, Department of Land Economics, revised 2005.
    12. Lai, Hung-pin & Kumbhakar, Subal C., 2019. "Technical and allocative efficiency in a panel stochastic production frontier system model," European Journal of Operational Research, Elsevier, vol. 278(1), pages 255-265.
    13. Agee, Mark D. & Atkinson, Scott E. & Crocker, Thomas D. & Williams, Jonathan W., 2014. "Non-separable pollution control: Implications for a CO2 emissions cap and trade system," Resource and Energy Economics, Elsevier, vol. 36(1), pages 64-82.
    14. Vartia, Yrjö O., . "Relative Changes and Index Numbers," ETLA A, The Research Institute of the Finnish Economy, number 4.
    15. Georganta, Zoe, 1997. "The effect of a free market price mechanism on total factor productivity: The case of the agricultural crop industry in Greece," International Journal of Production Economics, Elsevier, vol. 52(1-2), pages 55-71, October.
    16. Diewert, Erwin, 2007. "Measuring Productivity in the System of National Accounts," Economics working papers diewert-07-11-16-12-39-23, Vancouver School of Economics, revised 16 Nov 2007.
    17. Carol A. Corrado & Charles R. Hulten, 2014. "Financial Intermediation in the National Accounts: Asset Valuation, Intermediation, and Tobin′s q," NBER Chapters, in: Measuring Wealth and Financial Intermediation and Their Links to the Real Economy, pages 125-147, National Bureau of Economic Research, Inc.
    18. Sadia Bader, 2006. "Determining Import Intensity of Exports for Pakistan," SBP Research Bulletin, State Bank of Pakistan, Research Department, vol. 2, pages 363-381..
    19. Kiran Verma, 1993. "Managerial Efficiency: A Study of Management Buyouts," Contemporary Accounting Research, John Wiley & Sons, vol. 10(1), pages 179-204, September.
    20. Ten Raa, T. & Shestalova, V., 2006. "Alternative Measures of Total Factor Productivity Growth," Discussion Paper 2006-54, Tilburg University, Center for Economic Research.
    21. Atkinson, Scott E. & Primont, Daniel & Tsionas, Mike G., 2018. "Statistical inference in efficient production with bad inputs and outputs using latent prices and optimal directions," Journal of Econometrics, Elsevier, vol. 204(2), pages 131-146.
    22. Beaudreau, Bernard C., 1995. "The impact of electric power on productivity : A study of US manufacturing 1950-1984," Energy Economics, Elsevier, vol. 17(3), pages 231-236, July.
    23. Mattsson, Pontus, 2019. "The impact of labour subsidies on total factor productivity and profit per employee," Economic Analysis and Policy, Elsevier, vol. 62(C), pages 325-341.
    24. Robert W. Arnold, 2003. "Modeling Long-Run Economic Growth: Technical Paper 2003-04," Working Papers 14497, Congressional Budget Office.
    25. Hulten, Charles R., 2010. "Growth Accounting," Handbook of the Economics of Innovation, in: Bronwyn H. Hall & Nathan Rosenberg (ed.), Handbook of the Economics of Innovation, edition 1, volume 2, chapter 0, pages 987-1031, Elsevier.

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