Aggregate Production Functions and Medium-range Growth Projections PDF Download
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Author: Richard R. Nelson
Publisher:
ISBN:
Category : Economic forecasting
Languages : en
Pages : 58
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Book Description
This Memorandum is an analysis and comparison of the implications of several different but related aggregative models of long-run economic growth. These models differ somewhat in both their ex planations of past economic growth and their pro jections of future growth. The analysis bey examining the variables and relationships stressed by the various models, and the different explanations of the 1929-1960 growth record that these models provide. A general aggregative production function is developed which includes the various models as special cases. The role of growth of the labor supply, of capital for mation, of technological advance, and of rising educational standards is examined within the framework of the models. Finally, the study examines a number of growth projections for the American economy, attempts to evaluate them within the framework provided by the general model, and suggests some of the major uncertainties involved in growth projections. One of the major con clusions of the study is that projections of U.S. growth over the next decade are extremely sensi tive to the economic model used in making those projections, and in particular to the assumed rates of growth of capital stock and total factor productivity. (Author).
Author: Richard R. Nelson
Publisher:
ISBN:
Category : Economic forecasting
Languages : en
Pages : 58
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Book Description
This Memorandum is an analysis and comparison of the implications of several different but related aggregative models of long-run economic growth. These models differ somewhat in both their ex planations of past economic growth and their pro jections of future growth. The analysis bey examining the variables and relationships stressed by the various models, and the different explanations of the 1929-1960 growth record that these models provide. A general aggregative production function is developed which includes the various models as special cases. The role of growth of the labor supply, of capital for mation, of technological advance, and of rising educational standards is examined within the framework of the models. Finally, the study examines a number of growth projections for the American economy, attempts to evaluate them within the framework provided by the general model, and suggests some of the major uncertainties involved in growth projections. One of the major con clusions of the study is that projections of U.S. growth over the next decade are extremely sensi tive to the economic model used in making those projections, and in particular to the assumed rates of growth of capital stock and total factor productivity. (Author).
Author: Jesus Felipe
Publisher: Edward Elgar Publishing
ISBN: 1782549684
Category : Business & Economics
Languages : en
Pages : 400
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Book Description
This authoritative and stimulating book represents a fundamental critique of the aggregate production function, a concept widely used in macroeconomics.
Author: Kazuo SatÅ
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 356
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Book Description
Economic research monograph on the economic theory of production functions and aggregation - includes a bibliography pp. 301 to 307.
Author: Francesco A. Franco
Publisher:
ISBN:
Category :
Languages : en
Pages : 27
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Book Description
The aggregate production function is at the center of contemporaneous macroeconomics. Both growth and business cycle theories offer predictions that depend on the specification of the aggregate technology. In this paper I postulate that the specification of the aggregate technology is endogenous and I study if the aggregate production function mutates in response to changes in the economic environment. To some extent the previous statement is obvious: the aggregate production function is, leaving existence issues aside, the aggregation of all the micro-technologies present in the economy. If the micro-technologies change in time so should do the aggregate technology. I define the aggregate short-run technology and the aggregate long-run technology respectively a mapping from the variable input to output and a mapping from aggregate investment to future capacity. To study mutations that affect short run fluctuations I consider the aggregate output elasticity with respect to the labor supply shocks. To study mutations that affect the long-run I consider the elasticity of capacity with respect to investment. I use a detailed dataset that covers the US manufactirung sector. The results show that the short-run elasticity does not appear to have changed in the sample while the long-run as increased. Finally I show that the long-run technology is a complicated function but that is well approximated by a Cobb-Douglas.
Author: Jakub Growiec
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
The article provides multifaceted evidence on the shape of the aggregate country-level production function, derived from the World Technology Frontier, estimated on the basis of annual data on inputs and output in 19 highly developed OECD countries in the period 1970-2004. A comparison of its estimates based on Data Envelopment Analysis and Bayesian Stochastic Frontier Analysis uncovers a number of significant discrepancies between the nonparametric estimates of the frontier and the Cobb-Douglas and translog production functions in terms of implied efficiency levels, partial elasticities, and returns-to-scale properties. Furthermore, the two latter characteristics as well as elasticities of substitution are found to differ markedly across countries and time, providing strong evidence against the constant-returns-to-scale (CRS) Cobb-Douglas specification, frequently used in related literature. We also find notable departures from perfect substitutability between unskilled and skilled labor, consistent with the hypotheses of skill-biased technical change and capital-skill complementarity. In the Appendix, as a corollary from our results, we have also conducted a series of development accounting and growth accounting exercises.
Author: Muhuan Xing
Publisher:
ISBN:
Category : Production functions (Economic theory)
Languages : en
Pages : 34
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Book Description
Author: Kazuo Sato
Publisher:
ISBN: 9780720431001
Category :
Languages : en
Pages : 313
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Book Description
Author: Sherman Robinson
Publisher:
ISBN:
Category :
Languages : en
Pages : 218
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Book Description
Author: S. K. Singh
Publisher:
ISBN:
Category : Comparative economics
Languages : en
Pages : 55
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Book Description
Author: Jesus Felipe
Publisher:
ISBN:
Category : Production functions (Economic theory)
Languages : en
Pages : 0
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Book Description
