Technological progress from a Post Keynesian point of view: a comparison between the United States and China

José Reyes Bernal-Bellón
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José Reyes Bernal-Bellón: Universidad Antonio Nariño

Lecturas de Economía, 2023, issue 99, 153-173

Abstract: This article presents a comparison of total factor productivity (TFP) for China and the United States. The TFP calculations are compared between the traditional Solow residual and the post-Keynesian proposal developed from the difference between the observed growth rate and the Harrod equation. The calculation of productivity and its contribution to economic growth for China between 1952 and 2014 is -8.7 % unrealistic data, while from the post-Keynesian point of view its contribution to growth is of the order of 5.4 % giving it significant importance to the participation of capital and labor. The same exercise is done for the United States and more reasonable data are found on its contribution to growth based on the post-Keynesian proposal.

Keywords: Total factor productivity; economic growth; Harrod equation (search for similar items in EconPapers)
JEL-codes: O40 O47 O57 (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:lde:journl:y:2023:i:99:p:153-173

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DOI: 10.17533/udea.le.n99a349646

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