 GROWTH ACCOUNTING AND PRODUCTIVITY MEASUREMENT*Review of Income and Wealth, 1984, vol. 30, issue 3, 309-329 Abstract: This paper compares the growth accounting approaches to aggregate productivity measurement and analysis of three major researchers: E. F. Denison, D. W. Jorgenson, and J. W. Kendrick. The investigetors are compared in terms of their treatment of a number of crucial elements, including measurement of output and of capital and labor inputs (including composition or quality changes), total factor productivity growth, economies of scale, and intensity of demand (for output). Judged by the standard of the neoclassical economic theory of production‐the only generally accepted basis for input aggregation‐Denison departs significantly from the production theory framework in his measurement of output and capital input, Kendrick to some degree in his measure of capital input, and Jorgenson not at all. The effects of these departures are illustrated with reference to the recent productivity slowdown. The probable near‐term future utility of growth accounting methods for productivity analysis is assessed, and some related econometric modeling issues are noted. Date: 1984 Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:bla:revinw:v:30:y:1984:i:3:p:309-329 Ordering information: This journal article can be ordered from Access Statistics for this article Review of Income and Wealth is currently edited by Conchita D'Ambrosio and Robert J. Hill More articles in Review of Income and Wealth from International Association for Research in Income and Wealth Contact information at EDIRC. |
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