Productivity and U.S. Economic Growth

Front Cover......Page 1
Productivity and U.S. Economic Growth......Page 4
Copyright Page......Page 5
Table of Contents......Page 8
Introduction to the Series......Page 6
Acknowledgments......Page 7
Chapter 1. Overview......Page 10
 Methodology......Page 12
 Data Generation......Page 16
 Sources of Economic Growth......Page 24
 Substitution and Productivity Growth......Page 31
 Conclusion......Page 37
Chapter 2. Methodology......Page 40
 Sectoral Productivity Growth......Page 41
 Capital as a Factor of Production......Page 49
 Sectoral Value Added......Page 58
 Aggregate Productivity Growth......Page 62
 Aggregation over Sectors......Page 72
 Conclusion......Page 75
Chapter 3. Sectoral Labor Input......Page 78
 Iterative Proportional Fitting......Page 81
 Sectoral Hours Worked......Page 85
 Sectoral Labor Compensation......Page 93
 Indices of Sectoral Labor Input......Page 101
 Alternative Measures of Sectoral Labor Input......Page 110
 Conclusion......Page 116
Chapter 4. Sectoral Capital Input......Page 118
 Sectoral Capital Stock......Page 121
 Sectoral Property Compensation......Page 131
 Indices of Sectoral Capital Input......Page 139
 Alternative Measures of Sectoral Capital Input......Page 146
 Conclusion......Page 155
Chapter 5. Sectoral Output and Intermediate Input......Page 158
 Sectoral Output......Page 161
 Sectoral Intermediate Input......Page 168
 Indices of Sectoral Output and Intermediate Input......Page 169
 Alternative Measures of Sectoral Output, Intermediate Input, and Productivity......Page 180
 Conclusion......Page 190
Chapter 6. Growth in Sectoral Output......Page 192
 Indices of Sectoral Productivity......Page 193
 Sources of Growth in Sectoral Output......Page 200
 Contributions of Growth in Sectoral Inputs......Page 205
 Contributions of Growth in Quality of Sectoral Inputs......Page 210
 Conclusion......Page 218
Chapter 7. Sectoral Substitution and Technical Change......Page 220
 Sectoral Distribution......Page 221
 Econometric Models......Page 231
 Empirical Results......Page 243
 Conclusion......Page 267
Chapter 8. Aggregate Labor and Capital Inputs......Page 270
 Aggregate Inputs......Page 271
 Partial Indices of Labor Input......Page 278
 The Quality of Labor Input......Page 281
 Partial Indices of Capital Input......Page 301
 The Quality of Capital Input......Page 303
 Conclusion......Page 308
Chapter 9. Growth in Aggregate Output......Page 310
 Aggregate Output......Page 313
 Aggregate Productivity Index......Page 316
 Alternative Measures of Aggregate Productivity......Page 327
 Aggregate Substitution......Page 331
 Aggregate Econometric Model......Page 337
 Conclusion......Page 349
 Employment......Page 354
 Compensation......Page 357
APPENDIX B: Sectoral Production Accounts: Labor Input......Page 388
APPENDIX C: Sectoral Production Accounts: Capital Input......Page 440
APPENDIX D: Sectoral Production Accounts: Output, Intermediate Input, and Productivity......Page 488
 1. Overview......Page 540
 2. Methodology......Page 542
 3. Sectoral Labor Input......Page 544
 4. Sectoral Capital Input......Page 546
 5. Sectoral Output and Intermediate Input......Page 547
 7. Sectoral Substitution and Technical Change......Page 548
 9. Growth in Aggregate Output......Page 549
References......Page 550
Index......Page 568