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National Accounting and Economic Growth
This collection of classic articles and book chapters departs from Solow’s 1957 seminal paper on the measurement of technical change. It studies the idea behind the comprehensive development of total factor productivity and the index number innovations. The volume also analyses the measurement of productivity growth and the usefulness of GDP measurement as well as perennial problems in measurement of output of certain sectors and of certain processes in an economy.
With an original introduction by the editor, this is a valuable source of reference for students, researchers and practitioners.
With an original introduction by the editor, this is a valuable source of reference for students, researchers and practitioners.
More Information
Critical Acclaim
Contributors
Contents
More Information
This collection of classic articles and book chapters departs from Solow’s 1957 seminal paper on the measurement of technical change. It studies the idea behind the comprehensive development of total factor productivity and the index number innovations. The volume also analyses the measurement of productivity growth and the usefulness of GDP measurement as well as perennial problems in measurement of output of certain sectors and of certain processes in an economy.
With an original introduction by the editor, this is a valuable source of reference for students, researchers and practitioners.
With an original introduction by the editor, this is a valuable source of reference for students, researchers and practitioners.
Critical Acclaim
‘A collection of classics and a great reference for anyone dealing with the theory and practice of measuring economic activity, prices, productivity and welfare. Carefully selected papers represent highlights of over 80 years of research in economic measurement.’
– Paul Schreyer, Organisation for Economic Co-operation and Development, France
– Paul Schreyer, Organisation for Economic Co-operation and Development, France
Contributors
24 articles, dating from 1957 to 2014
Contributors include: K. Arrow, G. Asheim, B. Balk, M. Boskin, L. Christensen, P. Dasgupta, E. Diewert, A. Dixit, J. Hausman, D. Jorgenson
Contributors include: K. Arrow, G. Asheim, B. Balk, M. Boskin, L. Christensen, P. Dasgupta, E. Diewert, A. Dixit, J. Hausman, D. Jorgenson
Contents
Contents:
Acknowledgements
Introduction John M. Hartwick
PART I NATIONAL ACCOUNTING
1. Robert M. Solow (1957), ‘Technical Change and the Aggregate Production Function’, Review of Economics and Statistics, 39 (3), August, 312–20
2. D.W. Jorgenson and Z. Griliches (1967), ‘The Explanation of Productivity Change’, Review of Economic Studies, 34 (3), July, 249–83
3. Dale W. Jorgenson and Zvi Griliches (1972), ‘Issues in Growth Accounting: A Reply to Edward F. Denison’, Survey of Current Business, 52 (5), May, 65–9773
4. System of National Accounts (2008), ‘Capital Services and the National Accounts’, System of National Accounts 2008, Chapter 20, Published in collaboration with European Commission, International Monetary Fund, Organisation for Economic Co-operation and Development, United Nations and the World Bank, 415–25
5. Richard Stone (1961), ‘The Accounting Framework and the Basic Model’, and ‘The Definition of “Industries” and the Arrangement of Product Flows’ in Input-Output and National Accounts, Chapters 1 and 2, Paris, France: Organization for Economic Co-operation and Development, 21–32, 33–45
PART II PROBLEMS IN DOING NATIONAL ACCOUNTING
6. Erwin Diewert, Dennis Fixler and Kimberly Zieschang (2012), ‘Problems with the Measurement of Banking Services in a National Accounting Framework’, Australian School of Business Research Paper, No 2012-Econ 25, 1–60
7. Michael J. Boskin, Ellen Dulberger, Robert J. Gordon, Zvi Griliches and Dale Jorgenson (1998), ‘Consumer Prices, the Consumer Price Index, and the Cost of Living’, Journal of Economic Perspectives, 12 (1), Winter, 3–26
8. Jerry A. Hausman (1996), ‘Valuation of New Goods Under Perfect and Imperfect Competition’, in Timothy F. Bresnahan and Robert J. Gordon (eds) The Economics of New Goods, Chapter 5, Chicago, IL: University of Chicago Press, 209–37
9. Robert E. Hall and Charles I. Jones (2007), ‘The Value of Life and the Rise in Health Spending’, Quarterly Journal of Economics, 122 (1), February, 39–72
10. Joseph E. Stiglitz, Amartya Sen and Jean-Paul Fitoussi (2009), ‘GDP Related Issues’, Report by the Commission on the Economic Measurement of Economic Performance and Social Progress, Part 2, Chapter 1, Paris, France: 85-142
PART III PRODUCTIVITY MEASUREMENT
11. W. Erwin Diewert (2014), ‘US TFP Growth and the Contribution of Changes in Export and Import Prices to Real Income Growth’, Journal of Productivity Analysis, 41 (1), February, 19–39
12. Bert M. Balk (2010), ‘An Assumption-Free Framework for Measuring
Productivity Change’, Review of Income and Wealth, 56 (1), June, 224–56
13. William D. Nordhaus (1996), ‘Do Real-Output and Real-Wage Measures Capture Reality? The History of Lighting Suggests Not’, in Timothy F. Bresnahan and Robert J. Gordon (eds), The Economics of New Goods, Chapter 1, Chicago, IL: University of Chicago Press, 29-70
PART IV WELFARE ISSUES
14. Martin L. Weitzman (1976), ‘On the Welfare Significance of National Product in a Dynamic Economy’, Quarterly Journal of Economics, 90 (1), February, 156–62
15. Geir B. Asheim and Martin L. Weitzman (2001), ‘Does NNP Growth Indicate Welfare Improvement’, Economic Letters, 73 (2), November, 233–9
16. Avinash Dixit, Peter Hammond and Michael Hoel (1980), ‘On Hartwick’s Rule for Regular Maximin Paths of Capital Accumulation and Resource Depletion’, Review of Economic Studies, 47 (3), April, 551–6
17. J.A. Sefton and M.R. Weale (2006), ‘The Concept of Income in a General Equilibrium’, Review of Economic Studies, 73 (1), January, 219–48
18. Kenneth J. Arrow, Partha Dasgupta, Lawrence H. Goulder, Kevin J. Mumford and Kirsten Oleson (2012), ‘Sustainability and the Measurement of Wealth’, Environment and Development Economics, 17 (3), 317–53
PART V INDEX NUMBERS
19. A.A. Konus (1939), ‘The Problem of the True Index of the Cost of Living’, Econometrica, 7 (1), January, 10–29
20. L.R. Christensen, D.W. Jorgenson and L.J. Lau (1971), ‘Conjugate Duality and the Transcendental Logarithmic Function’ in Economic Theory and Organization II’, Econometrica, 39 (4), July, 255–6
21. W.E. Diewert (1976) ‘Exact and Superlative Index Numbers’, Journal of Econometrics, 4 (2), May, 115–45
22. Robert A. Pollak (1981), ‘The Social Cost of Living Index’, Journal of Public Economics, 15 (3), June, 311–36
23. W. Erwin Diewert (1998), ‘Index Number Issues in the Consumer Price Index’, Journal of Economic Perspectives, 12 (1), Winter, 47–58
24. Bert M. Balk (2003), ‘The Residual: On Monitoring and Benchmarking Firms, Industries, and Economies with Respect to Productivity’, Journal of Productivity Analysis, 20 (1), July, 5–47
Index
Acknowledgements
Introduction John M. Hartwick
PART I NATIONAL ACCOUNTING
1. Robert M. Solow (1957), ‘Technical Change and the Aggregate Production Function’, Review of Economics and Statistics, 39 (3), August, 312–20
2. D.W. Jorgenson and Z. Griliches (1967), ‘The Explanation of Productivity Change’, Review of Economic Studies, 34 (3), July, 249–83
3. Dale W. Jorgenson and Zvi Griliches (1972), ‘Issues in Growth Accounting: A Reply to Edward F. Denison’, Survey of Current Business, 52 (5), May, 65–9773
4. System of National Accounts (2008), ‘Capital Services and the National Accounts’, System of National Accounts 2008, Chapter 20, Published in collaboration with European Commission, International Monetary Fund, Organisation for Economic Co-operation and Development, United Nations and the World Bank, 415–25
5. Richard Stone (1961), ‘The Accounting Framework and the Basic Model’, and ‘The Definition of “Industries” and the Arrangement of Product Flows’ in Input-Output and National Accounts, Chapters 1 and 2, Paris, France: Organization for Economic Co-operation and Development, 21–32, 33–45
PART II PROBLEMS IN DOING NATIONAL ACCOUNTING
6. Erwin Diewert, Dennis Fixler and Kimberly Zieschang (2012), ‘Problems with the Measurement of Banking Services in a National Accounting Framework’, Australian School of Business Research Paper, No 2012-Econ 25, 1–60
7. Michael J. Boskin, Ellen Dulberger, Robert J. Gordon, Zvi Griliches and Dale Jorgenson (1998), ‘Consumer Prices, the Consumer Price Index, and the Cost of Living’, Journal of Economic Perspectives, 12 (1), Winter, 3–26
8. Jerry A. Hausman (1996), ‘Valuation of New Goods Under Perfect and Imperfect Competition’, in Timothy F. Bresnahan and Robert J. Gordon (eds) The Economics of New Goods, Chapter 5, Chicago, IL: University of Chicago Press, 209–37
9. Robert E. Hall and Charles I. Jones (2007), ‘The Value of Life and the Rise in Health Spending’, Quarterly Journal of Economics, 122 (1), February, 39–72
10. Joseph E. Stiglitz, Amartya Sen and Jean-Paul Fitoussi (2009), ‘GDP Related Issues’, Report by the Commission on the Economic Measurement of Economic Performance and Social Progress, Part 2, Chapter 1, Paris, France: 85-142
PART III PRODUCTIVITY MEASUREMENT
11. W. Erwin Diewert (2014), ‘US TFP Growth and the Contribution of Changes in Export and Import Prices to Real Income Growth’, Journal of Productivity Analysis, 41 (1), February, 19–39
12. Bert M. Balk (2010), ‘An Assumption-Free Framework for Measuring
Productivity Change’, Review of Income and Wealth, 56 (1), June, 224–56
13. William D. Nordhaus (1996), ‘Do Real-Output and Real-Wage Measures Capture Reality? The History of Lighting Suggests Not’, in Timothy F. Bresnahan and Robert J. Gordon (eds), The Economics of New Goods, Chapter 1, Chicago, IL: University of Chicago Press, 29-70
PART IV WELFARE ISSUES
14. Martin L. Weitzman (1976), ‘On the Welfare Significance of National Product in a Dynamic Economy’, Quarterly Journal of Economics, 90 (1), February, 156–62
15. Geir B. Asheim and Martin L. Weitzman (2001), ‘Does NNP Growth Indicate Welfare Improvement’, Economic Letters, 73 (2), November, 233–9
16. Avinash Dixit, Peter Hammond and Michael Hoel (1980), ‘On Hartwick’s Rule for Regular Maximin Paths of Capital Accumulation and Resource Depletion’, Review of Economic Studies, 47 (3), April, 551–6
17. J.A. Sefton and M.R. Weale (2006), ‘The Concept of Income in a General Equilibrium’, Review of Economic Studies, 73 (1), January, 219–48
18. Kenneth J. Arrow, Partha Dasgupta, Lawrence H. Goulder, Kevin J. Mumford and Kirsten Oleson (2012), ‘Sustainability and the Measurement of Wealth’, Environment and Development Economics, 17 (3), 317–53
PART V INDEX NUMBERS
19. A.A. Konus (1939), ‘The Problem of the True Index of the Cost of Living’, Econometrica, 7 (1), January, 10–29
20. L.R. Christensen, D.W. Jorgenson and L.J. Lau (1971), ‘Conjugate Duality and the Transcendental Logarithmic Function’ in Economic Theory and Organization II’, Econometrica, 39 (4), July, 255–6
21. W.E. Diewert (1976) ‘Exact and Superlative Index Numbers’, Journal of Econometrics, 4 (2), May, 115–45
22. Robert A. Pollak (1981), ‘The Social Cost of Living Index’, Journal of Public Economics, 15 (3), June, 311–36
23. W. Erwin Diewert (1998), ‘Index Number Issues in the Consumer Price Index’, Journal of Economic Perspectives, 12 (1), Winter, 47–58
24. Bert M. Balk (2003), ‘The Residual: On Monitoring and Benchmarking Firms, Industries, and Economies with Respect to Productivity’, Journal of Productivity Analysis, 20 (1), July, 5–47
Index
