Solow and Growth Accounting: A Perspective from Quantitative Economic History
This paper examines the use of growth accounting by economic historians developed following Robert Solow's famous 1957 paper. Several general tendencies are identified, including a desire to account for Solow's residual and a reluctance to adopt the data-demanding methodological refinements of Dale Jorgenson, whose influence on the field was less than that of Edward Denison. Results from historical growth accounting studies are reviewed, and it is clear that the “crude residual” typically accounts for much less than the seven-eighths of labor productivity growth found by Solow and also that when TFP growth is rapid, improvements in efficiency are usually an important complement to technological progress. Nevertheless, growth accounting was important in undermining the “capital fundamentalism” of the 1950s and has been central to putting the contribution of technological progress in the Industrial Revolution into a clearer focus, free of the misleading “take-off” perspective advanced by Walt Rostow.
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Volume (Year): 41 (2009)
Issue (Month): 5 (Supplement)
|Contact details of provider:|| Postal: Duke University Press 905 W. Main Street, Suite 18B Durham, NC 27701|
Phone: (919) 660-1800
Fax: (919) 684-8974
Web page: http://www.dukeupress.edu/Catalog/ViewProduct.php?viewby=journal&productid=45614
When requesting a correction, please mention this item's handle: RePEc:hop:hopeec:v:41:y:2009:i:5:p:200-220. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Center for the History of Political Economy Webmaster)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.