Measuring productivity increase by long-run prices: The early analyses of G.R. Porter and R. Giffen
The 19th 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 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, in particular, that a proper measure of industrial productivity increase based on the change in real earnings rates is the mathematical dual of a Solovian measure of the industrial Total Factor Productivity growth.
|Date of creation:||31 Aug 2009|
|Contact details of provider:|| Postal: Ludwigstraße 33, D-80539 Munich, Germany|
Web page: https://mpra.ub.uni-muenchen.de
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Heinz Kurz, 2010. "Technical progress, capital accumulation and income distribution in Classical economics: Adam Smith, David Ricardo and Karl Marx," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 17(5), pages 1183-1222.
- Dale W. Jorgenson, 1991. "Productivity and Economic Growth," NBER Chapters, in: Fifty Years of Economic Measurement: The Jubilee of the Conference on Research in Income and Wealth, pages 19-118 National Bureau of Economic Research, Inc.
- Arrigo Opocher, 2010.
"The future of the working classes: a comparison between J.S. Mill and A. Marshall,"
The European Journal of the History of Economic Thought,
Taylor & Francis Journals, vol. 17(2), pages 229-253.
- Arrigo Opocher, 2008. "The Future of the Working Classes: A Comparison Between J.S. Mill and A. Marshall," "Marco Fanno" Working Papers 0078, Dipartimento di Scienze Economiche "Marco Fanno".
- Opocher, Arrigo, 2009. "A Dual-Solovian Measure of Productivity Increase and its Early Antecedents," MPRA Paper 15541, University Library of Munich, Germany.
- Lydall, Harold, 1969. "On Measuring Technical Progress," Australian Economic Papers, Wiley Blackwell, vol. 8(12), pages 1-12, June.
When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:18272. 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: (Joachim Winter)
If references are entirely missing, you can add them using this form.