Accounting for Growth with New Inputs
This paper examines the aggregate production function in an economy characterized by the creation of new, intermediate inputs. The authors show how growth can be decomposed into changes in higher quantities of existing inputs and a greater range of inputs. Indexes of total factor productivity would reflect the latter. The authors construct a dynamic monopolistic-competition model in which products are endogenously introduced and simulate that model to produce artificial data. When used in standard growth-accounting regressions, the data can appear to be generated by an economy with exogenous technical change and (approximately) constant returns to primary factors. Copyright 1994 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.
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Volume (Year): 35 (1994)
Issue (Month): 2 (May)
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References listed on IDEAS
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- Ethier, Wilfred J, 1982. "National and International Returns to Scale in the Modern Theory of International Trade," American Economic Review, American Economic Association, vol. 72(3), pages 389-405, June.
- Jess Benhabib & Boyan Jovanovic, 1989.
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NBER Working Papers
3190, National Bureau of Economic Research, Inc.
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- Robert C. Feenstra, 1991.
"New Goods and Index Numbers: U.S. Import Prices,"
NBER Working Papers
3610, National Bureau of Economic Research, Inc.
- James R. Markusen, 1990. "First Mover Advantages, Blockaded Entry, And the Economics of Uneven Development," NBER Working Papers 3284, National Bureau of Economic Research, Inc.
- Solow, Robert M., 1987.
"Growth Theory and After,"
Nobel Prize in Economics documents
1987-1, Nobel Prize Committee.
- L. Wade, 1988. "Review," Public Choice, Springer, vol. 58(1), pages 99-100, July.
- Sato, Kazuo, 1976. "The Ideal Log-Change Index Number," The Review of Economics and Statistics, MIT Press, vol. 58(2), pages 223-28, May.
- Feenstra, Robert C & Markusen, James R & Zeile, William, 1992. "Accounting for Growth with New Inputs: Theory and Evidence," American Economic Review, American Economic Association, vol. 82(2), pages 415-21, May.
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