A New Method of Long-Run Growth Accounting with Applications to the Soviet Economy 1928-87 and the US Economy 1949-78
In this paper we develop a new model of growth accounting and use it to analyse the long-term growth of the US and the USSR. The technique is designed to capture the indirect or "feedback" contributions of technological change and labour input growth. These indirect contributions arise from the fact that in the medium- and long-term, technological progress and labour input growth raise the level of current output and thus, given the investment/output ratio, the growth rate of capital. The technique also avoids the problem of identifying the bias of technological progress faced by the standard shore-run method of growth accounting. In our application to the Jorgenson-Gollop-Fraumeni data for the US economy 1949-1978, the technique shows that over the entire period, technological progress and labour input growth were the two main source of growth, with capital accumulation in third place. The results of our analysis of Soviet economic growth over this period are less clear-cut but still strongly suggestive. In particular, our estimates of the contribution of technological progress to Soviet economic growth typically show it to be considerable, and indeed sometimes overwhelming. These results stand in sharp contrast to the standard view that Soviet economic growth since 1928 has relied primarily on increased amounts of inputs rather than on technological progress.
To our knowledge, this item is not available for
download. To find whether it is available, there are three
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.
|Date of creation:||Nov 1990|
|Contact details of provider:|| Web page: http://cep.lse.ac.uk/_new/publications/series.asp?prog=CEP|
When requesting a correction, please mention this item's handle: RePEc:cep:cepdps:dp0014. 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: ()
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.