Capital Goods and Technical Change: Some Theoretical Problems

William Peterson
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William Peterson: Department of Applied Economics

Chapter 4 in The Economics of Technological Progress, 1980, pp 66-74 from Palgrave Macmillan

Abstract: Abstract In an earlier paper (Peterson, 1978) I presented disaggregated estimates of the growth of total factor productivity in the United Kingdom over the period 1954–68. One motive which lay behind this paper was the desire to provide empirical content for the theoretical criticism of conventional productivity growth measures which has been voiced by Rymes (1971). In this paper I propose to consider in more detail the alternative theoretical approaches to the problem of productivity measurement in models incorporating durable capital goods, and to point out some of the ideological implications of the various solutions which have been suggested. To avoid unnecessary complexities of notation, the analysis is conducted in terms of the simplest possible model, the one-sector neoclassical model of growth introduced by Solow (1956).

Keywords: Labour Force; Productivity Growth; Capital Stock; Total Factor Productivity; Technical Change (search for similar items in EconPapers)
Date: 1980
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-16446-2_4

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DOI: 10.1007/978-1-349-16446-2_4

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