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Author: Michael J. Boskin
Publisher:
ISBN:
Category : Economic development
Languages : en
Pages : 118
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Book Description
An inter-country aggregate production function is estimated using annual data for the post-war period drawn from the Group-of-Five (G-5) countries: France, West Germany, Japan, United Kingdom and United states. It is assumed that all countries have the same underlying production function, not in terms of the measured outputs and inputs, but in terms of efficiency equivalent units of outputs and inputs. The measured quantities of outputs and inputs of each country may be converted into efficiency-equivalent quantities of outputs and inputs by the multiplication of country and commodity-specific and time-varying augmentation factors. These augmentation factors are estimated simultaneously with the parameters of the aggregate production function. Within this framework, the traditional assumptions for the measurement of productivity--constant returns to scale, neutrality of technical progress and profit maximization--are tested and all are rejected. Additional hypotheses about the nature of technical progress are also tested. It is found that technical progress may be represented as purely capital augmenting. In particular, the rate of augmentation is estimated at between 14 and 16 percent per annum for France, West Germany and Japan, and between 8 and 10 percent per annum for the U.K. and the U.S. for the period under study. It is also found that technical progress is capital-saving rather than labor-saving and is therefore unlikely to be a cause of structural unemployment. Using the estimated production function parameters, a growth-accounting exercise is carried out and the results are compared with those obtained from the conventional approach. Technical progress is found to be the most important source of growth, accounting for more than 50 percent, followed by the growth of capital input. Together they account for more than 75 percent of the growth of real output in the Group-of-Five (G-5) countries in the period under study. An international and intertemporal comparison of the productive efficiencies is also undertaken. It is found that the United States had the highest level of overall productive efficiency for the whole period under study. However, the productive efficiencies of France, West Germany and Japan rose rapidly from less than 40 percent of the U.S. level in 1949 to two-thirds of the U.S. level in 1985. There is thus some evidence of convergence.
Author: Michael J. Boskin
Publisher:
ISBN:
Category : Economic development
Languages : en
Pages : 118
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Book Description
An inter-country aggregate production function is estimated using annual data for the post-war period drawn from the Group-of-Five (G-5) countries: France, West Germany, Japan, United Kingdom and United states. It is assumed that all countries have the same underlying production function, not in terms of the measured outputs and inputs, but in terms of efficiency equivalent units of outputs and inputs. The measured quantities of outputs and inputs of each country may be converted into efficiency-equivalent quantities of outputs and inputs by the multiplication of country and commodity-specific and time-varying augmentation factors. These augmentation factors are estimated simultaneously with the parameters of the aggregate production function. Within this framework, the traditional assumptions for the measurement of productivity--constant returns to scale, neutrality of technical progress and profit maximization--are tested and all are rejected. Additional hypotheses about the nature of technical progress are also tested. It is found that technical progress may be represented as purely capital augmenting. In particular, the rate of augmentation is estimated at between 14 and 16 percent per annum for France, West Germany and Japan, and between 8 and 10 percent per annum for the U.K. and the U.S. for the period under study. It is also found that technical progress is capital-saving rather than labor-saving and is therefore unlikely to be a cause of structural unemployment. Using the estimated production function parameters, a growth-accounting exercise is carried out and the results are compared with those obtained from the conventional approach. Technical progress is found to be the most important source of growth, accounting for more than 50 percent, followed by the growth of capital input. Together they account for more than 75 percent of the growth of real output in the Group-of-Five (G-5) countries in the period under study. An international and intertemporal comparison of the productive efficiencies is also undertaken. It is found that the United States had the highest level of overall productive efficiency for the whole period under study. However, the productive efficiencies of France, West Germany and Japan rose rapidly from less than 40 percent of the U.S. level in 1949 to two-thirds of the U.S. level in 1985. There is thus some evidence of convergence.
Author: Stephen Broadberry
Publisher: Cambridge University Press
ISBN: 1139448358
Category : History
Languages : en
Pages : 363
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Book Description
This unique volume offers a definitive new history of European economies at war from 1914 to 1918. It studies how European economies mobilised for war, how existing economic institutions stood up under the strain, how economic development influenced outcomes and how wartime experience influenced post-war economic growth. Leading international experts provide the first systematic comparison of economies at war between 1914 and 1918 based on the best available data for Britain, Germany, France, Russia, the USA, Italy, Turkey, Austria-Hungary and the Netherlands. The editors' overview draws some stark lessons about the role of economic development, the importance of markets and the damage done by nationalism and protectionism. A companion volume to the acclaimed The Economics of World War II, this is a major contribution to our understanding of total war.
Author: Ralph Landau
Publisher: Stanford University Press
ISBN: 9780804726047
Category : Political Science
Languages : en
Pages : 484
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Book Description
A collection presenting the views of some of the world's most distinguished economists on long-term economic growth
Author: World Bank Group;Ministry of Planning and Investment of Vietnam
Publisher: World Bank Publications
ISBN: 1464808252
Category : Business & Economics
Languages : en
Pages : 596
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Book Description
Thirty years of Ä?ổi Má»›i (economic renovation) reforms have catapulted Vietnam from the ranks of the world’s poorest countries to one of its great development success stories. Critical ingredients have been visionary leaders, a sense of shared societal purpose, and a focus on the future. Starting in the late 1980s, these elements were successfully fused with the embrace of markets and the global economy. Economic growth since then has been rapid, stable, and inclusive, translating into strong welfare gains for the vast majority of the population. But three decades of success from reforms raises expectations for the future, as aptly captured in the Vietnamese constitution, which sets the goal of “a prosperous people and a strong, democratic, equitable, and civilized country.†? There is a firm aspiration that by 2035, Vietnam will be a modern and industrialized nation moving toward becoming a prosperous, creative, equitable, and democratic society. The Vietnam 2035 report, a joint undertaking of the Government of Vietnam and the World Bank Group, seeks to better comprehend the challenges and opportunities that lie ahead. It shows that the country’s aspirations and the supporting policy and institutional agenda stand on three pillars: balancing economic prosperity with environmental sustainability; promoting equity and social inclusion to develop a harmonious middle- class society; and enhancing the capacity and accountability of the state to establish a rule of law state and a democratic society. Vietnam 2035 further argues that the rapid growth needed to achieve the bold aspirations will be sustained only if it stands on faster productivity growth and reflects the costs of environmental degradation. Productivity growth, in turn, will benefit from measures to enhance the competitiveness of domestic enterprises, scale up the benefits of urban agglomeration, and build national technological and innovative capacity. Maintaining the record on equity and social inclusion will require lifting marginalized groups and delivering services to an aging and urbanizing middle-class society. And to fulfill the country’s aspirations, the institutions of governance will need to become modern, transparent, and fully rooted in the rule of law.
Author: Congressional Research Service
Publisher: Createspace Independent Publishing Platform
ISBN: 9781976466953
Category :
Languages : en
Pages : 52
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Book Description
Prior to the initiation of economic reforms and trade liberalization 36 years ago, China maintained policies that kept the economy very poor, stagnant, centrally-controlled, vastly inefficient, and relatively isolated from the global economy. Since opening up to foreign trade and investment and implementing free market reforms in 1979, China has been among the world's fastest-growing economies, with real annual gross domestic product (GDP) growth averaging nearly 10% through 2016. In recent years, China has emerged as a major global economic power. It is now the world's largest economy (on a purchasing power parity basis), manufacturer, merchandise trader, and holder of foreign exchange reserves.The global economic crisis that began in 2008 greatly affected China's economy. China's exports, imports, and foreign direct investment (FDI) inflows declined, GDP growth slowed, and millions of Chinese workers reportedly lost their jobs. The Chinese government responded by implementing a $586 billion economic stimulus package and loosening monetary policies to increase bank lending. Such policies enabled China to effectively weather the effects of the sharp global fall in demand for Chinese products, but may have contributed to overcapacity in several industries and increased debt by Chinese firms and local government. China's economy has slowed in recent years. Real GDP growth has slowed in each of the past six years, dropping from 10.6% in 2010 to 6.7% in 2016, and is projected to slow to 5.7% by 2022.The Chinese government has attempted to steer the economy to a "new normal" of slower, but more stable and sustainable, economic growth. Yet, concerns have deepened in recent years over the health of the Chinese economy. On August 11, 2015, the Chinese government announced that the daily reference rate of the renminbi (RMB) would become more "market-oriented." Over the next three days, the RMB depreciated against the dollar and led to charges that China's goal was to boost exports to help stimulate the economy (which some suspect is in worse shape than indicated by official Chinese economic statistics). Concerns over the state of the Chinese economy appear to have often contributed to volatility in global stock indexes in recent years.The ability of China to maintain a rapidly growing economy in the long run will likely depend largely on the ability of the Chinese government to implement comprehensive economic reforms that more quickly hasten China's transition to a free market economy; rebalance the Chinese economy by making consumer demand, rather than exporting and fixed investment, the main engine of economic growth; boost productivity and innovation; address growing income disparities; and enhance environmental protection. The Chinese government has acknowledged that its current economic growth model needs to be altered and has announced several initiatives to address various economic challenges. In November 2013, the Communist Party of China held the Third Plenum of its 18th Party Congress, which outlined a number of broad policy reforms to boost competition and economic efficiency. For example, the communique stated that the market would now play a "decisive" role in allocating resources in the economy. At the same time, however, the communique emphasized the continued important role of the state sector in China's economy. In addition, many foreign firms have complained that the business climate in China has worsened in recent years. Thus, it remains unclear how committed the Chinese government is to implementing new comprehensive economic reforms.China's economic rise has significant implications for the United States and hence is of major interest to Congress. This report provides background on China's economic rise; describes its current economic structure; identifies the challenges China faces to maintain economic growth; and discusses the challenges, opportunities, and implications of China's economic rise.
Author: David Lim
Publisher: Edward Elgar Publishing
ISBN: 9781782543794
Category : Business & Economics
Languages : en
Pages : 276
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Book Description
The author presents a new analytical framework for explaining the different growth performances of developing countries, allowing for a series of policy-oriented conclusions. The book is aimed at both undergraduate and postgraduate level.
Author: Jianhua Liu
Publisher: Springer
ISBN: 9811318859
Category : Business & Economics
Languages : en
Pages : 370
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Book Description
The book constructs the Synergy Theory, a new theory of economic growth and calculation methodology. The book involves empirical comparative study on economic growth between China and the 14 developed countries, and on the basis of the synergy theory, divides GDP into labor compensation, capital income, and synergistic benefits, further establishes the new empirical model including the major determined factors of economic growth, such as growth of physical capital stock, growth of investment in physical capital, improvement of science and technology, improvement of human capital quality, labor force growth, institutional innovation and economic externalies. Subsequently, it uses the method of Data Envelopment Analysis to calculate the contribution of institutional innovation to economic growth, and it also focuses on the analysis of the determining factors of economic growth. Based on the analysis above, the new theory has been tested and the countermeasures and suggestions involving China's innovation-driven economy have been proposed.
Author: Alistair Dieppe
Publisher: World Bank Publications
ISBN: 1464816093
Category : Business & Economics
Languages : en
Pages : 552
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Book Description
The COVID-19 pandemic struck the global economy after a decade that featured a broad-based slowdown in productivity growth. Global Productivity: Trends, Drivers, and Policies presents the first comprehensive analysis of the evolution and drivers of productivity growth, examines the effects of COVID-19 on productivity, and discusses a wide range of policies needed to rekindle productivity growth. The book also provides a far-reaching data set of multiple measures of productivity for up to 164 advanced economies and emerging market and developing economies, and it introduces a new sectoral database of productivity. The World Bank has created an extraordinary book on productivity, covering a large group of countries and using a wide variety of data sources. There is an emphasis on emerging and developing economies, whereas the prior literature has concentrated on developed economies. The book seeks to understand growth patterns and quantify the role of (among other things) the reallocation of factors, technological change, and the impact of natural disasters, including the COVID-19 pandemic. This book is must-reading for specialists in emerging economies but also provides deep insights for anyone interested in economic growth and productivity. Martin Neil Baily Senior Fellow, The Brookings Institution Former Chair, U.S. President’s Council of Economic Advisers This is an important book at a critical time. As the book notes, global productivity growth had already been slowing prior to the COVID-19 pandemic and collapses with the pandemic. If we want an effective recovery, we have to understand what was driving these long-run trends. The book presents a novel global approach to examining the levels, growth rates, and drivers of productivity growth. For anyone wanting to understand or influence productivity growth, this is an essential read. Nicholas Bloom William D. Eberle Professor of Economics, Stanford University The COVID-19 pandemic hit a global economy that was already struggling with an adverse pre-existing condition—slow productivity growth. This extraordinarily valuable and timely book brings considerable new evidence that shows the broad-based, long-standing nature of the slowdown. It is comprehensive, with an exceptional focus on emerging market and developing economies. Importantly, it shows how severe disasters (of which COVID-19 is just the latest) typically harm productivity. There are no silver bullets, but the book suggests sensible strategies to improve growth prospects. John Fernald Schroders Chaired Professor of European Competitiveness and Reform and Professor of Economics, INSEAD
Author: International Monetary Fund. External Relations Dept.
Publisher: International Monetary Fund
ISBN: 1475566980
Category : Business & Economics
Languages : en
Pages : 60
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Book Description
This chapter discusses various past and future aspects of the global economy. There has been a huge transformation of the global economy in the last several years. Articles on the future of energy in the global economy by Jeffrey Ball and on measuring inequality by Jonathan Ostry and Andrew Berg are also illustrated. Since the 2008 global crisis, global economists must change the way they look at the world.
Author: Lizabeth Cohen
Publisher: Vintage
ISBN: 0307555364
Category : History
Languages : en
Pages : 578
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Book Description
In this signal work of history, Bancroft Prize winner and Pulitzer Prize finalist Lizabeth Cohen shows how the pursuit of prosperity after World War II fueled our pervasive consumer mentality and transformed American life. Trumpeted as a means to promote the general welfare, mass consumption quickly outgrew its economic objectives and became synonymous with patriotism, social equality, and the American Dream. Material goods came to embody the promise of America, and the power of consumers to purchase everything from vacuum cleaners to convertibles gave rise to the power of citizens to purchase political influence and effect social change. Yet despite undeniable successes and unprecedented affluence, mass consumption also fostered economic inequality and the fracturing of society along gender, class, and racial lines. In charting the complex legacy of our “Consumers’ Republic” Lizabeth Cohen has written a bold, encompassing, and profoundly influential book.
