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Measuring productivity increase by long-run prices: the early analyses of G.R. Porter and R. Giffen

Author

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  • Arrigo Opocher

Abstract

The nineteenth-century economic commentators did not possess a formal measure of the rate at which productivity was increasing during the industrial take-off. Yet they did develop an intuitive method based on the comparative change in long-period prices and wages. This paper reviews the contributions of G.R. Porter and R. Giffen and, in the light of some modern contributions, presents an assessment of their rationality and improvability under current standards. It is argued that a proper measure of industrial productivity increase based on long-run prices is the mathematical dual of a Solovian measure of the industrial total factor productivity growth.

Suggested Citation

  • Arrigo Opocher, 2010. "Measuring productivity increase by long-run prices: the early analyses of G.R. Porter and R. Giffen," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 17(5), pages 1271-1291.
    • Handle: RePEc:taf:eujhet:v:17:y:2010:i:5:p:1271-1291
    DOI: 10.1080/09672567.2010.522243
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    Cited by:

    1. Bisello, Martina & Opocher, Arrigo, 2013. "Real cost reduction and productivity increase in an individual industry: a price-accounting approach in theory and practice," MPRA Paper 48367, University Library of Munich, Germany.
    2. Nicholas Tsounis & Ian Steedman, 2021. "A New Method for Measuring Total Factor Productivity Growth Based on the Full Industry Equilibrium Approach: The Case of the Greek Economy," Economies, MDPI, vol. 9(3), pages 1-21, August.
    3. Malcolm Abbott, 2018. "Productivity: a history of its measurement," HISTORY OF ECONOMIC THOUGHT AND POLICY, FrancoAngeli Editore, vol. 2018(1), pages 57-80.

    More about this item

    Keywords

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    JEL classification:

    • D33 - Microeconomics - - Distribution - - - Factor Income Distribution
    • B16 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Quantitative and Mathematical
    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity

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