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Measuring Economic Growth and Productivity

Foundations, KLEMS Production Models, and Extensions

  • 1st Edition - November 6, 2019
  • Latest edition
  • Editor: Barbara Fraumeni
  • Language: English

Measuring Economic Growth and Productivity: Foundations, KLEMS Production Models, and Extensions presents new insights into the causes, mechanisms and results of growth in nation… Read more

Description

Measuring Economic Growth and Productivity: Foundations, KLEMS Production Models, and Extensions presents new insights into the causes, mechanisms and results of growth in national and regional accounts. It demonstrates the versatility and usefulness of the KLEMS databases, which generate internationally comparable industry-level data on outputs, inputs and productivity. By rethinking economic development beyond existing measurements, the book's contributors align the measurement of growth and productivity to contemporary global challenges, addressing the need for measurements as well as the Gross Domestic Product.

All contributors in this foundational volume are recognized experts in their fields, all inspired by the path-breaking research of Dale W. Jorgenson.

Key features

  • Demonstrates how an approach based on sources of economic growth (KLEMS – capital, labor, energy, materials and services) can be used to analyze economic growth and productivity
  • Includes examples covering the G7, E7, EU, Latin America, Norway, China, Taiwan, Japan, Korea, India and other South Asian countries
  • Examines the effects of digital, information, communication and integrated technologies on national and regional economies

Readership

Upper-division undergraduates, graduate students, and researchers working on global economic growth and productivity issues

Table of contents

1. Economic growth: a different view

2. Expanding the conceptual foundation, scope, and relevance of the US national accounts: The intersection of theory, research, and measurement

3. Tax policy and resource allocation

4. Sources of growth in the world economy: A comparison of G7 and E7 economies

5. European productivity in the digital age: Evidence from EU KLEMS

6. Manufacturing productivity in India: The role of foreign sourcing of inputs and domestic capacity building

7. An international comparison on TFP changes in ICT industry among Japan, Korea, Taiwan, China, and the United States

8. Losing steam? - An industry origin analysis of China's productivity slowdown

9. Growth origins and patterns in the market economy of mainland Norway, 1997-2014

10. Progress on Australia and Russia KLEMS

11. Toward a BEA-BLS integrated industry-level production account for 1947-2016

12. Benchmark 2011 integrated estimates of the Japan-US price-level index for industry outputs

13. The impact of information and communications technology investment on employment in Japan and Korea

14. Economic valuation of knowledge-based capital: An international comparison

15. Measuring consumer inflation in a digital economy

16. Intangible capital, innovation, and productivity a la Jorgenson evidence from Europe and the United States

17. Getting smart about phones: New price indexes and the allocation of spending between devices and services plans in Personal Consumption Expenditures

18. Accounting for growth and productivity in global value chains

19. Emissions accounting and carbon tax incidence in CGE models: Bottom-up versus top-down

20. Analyzing carbon price policies using a general equilibrium model with household energy demand functions

21. GDP and social welfare: An assessment using regional data

22. Accumulation of human and market capital in the United States, 1975-2012: An analysis by gender

Review quotes

"Twenty-two papers explore challenges associated with measuring economic growth and productivity highlighting the use of capital, labor, energy, materials, and services (KLEMS) data and production models. Papers discuss how economic growth is achieved; the evolution of the US national accounts with a focus on the intersection of measurement, theory, and economic research; the efficiency costs and welfare gains from potential tax reform."—Journal of Economic Literature

Product details

  • Edition: 1
  • Latest edition
  • Published: November 6, 2019
  • Language: English

About the editor

BF

Barbara Fraumeni

Barbara M. Fraumeni is Special-term Professor of the China Center for Human Capital and Labor Market Research of the Central University of Finance and Economics, Beijing, China; Research Associate of the National Bureau of Economic Research, Cambridge, MA, USA, IZA Research Fellow, Bonn, Germany and Professor Emerita of the Muskie School of Public Service of the University of Southern Maine, Portland, ME, USA. She has conducted research in the area of economic growth, productivity, and human and nonhuman capital. A long-time associate of Dale W. Jorgenson, the Samuel W. Morris University Professor at Harvard University, she co-authored with him an early KLEM article in 1981, their three seminal articles on human and nonhuman capital in the late eighties and early nineties, also with him and Frank Gollop the book: "Productivity and U.S. Economic Growth" in 1987. In between academic appointments, she served as Chief Economist of the Bureau of Economic Analysis from 1999 to 2005. In that position she was awarded with others a U.S. Department of Commerce gold medal for capitalizing R&D in GDP. For the past 10 years, she has worked with Chinese researchers to produce estimates of human capital for China. Most recently, she served as a consultant to the World Bank to advise them in their construction of Jorgenson-Fraumeni human capital for 141 countries, which were released as part of their wealth estimates publication in early 2018.
Affiliations and expertise
Central University of Finance and Economics, Beijing, China

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