What is Productivity: Capacity or Welfare Management? / Charles R. Hulten.

Format:

Book

Author/Creator:

Hulten, Charles R.

Contributor:

National Bureau of Economic Research.

Series:

Working Paper Series (National Bureau of Economic Research) no. w3970.

NBER working paper series no. w3970

Language:

English

Subjects (All):

Industrial productivity.

Labor productivity.

Cost and standard of living.

Physical Description:

1 online resource: illustrations (black and white);

Other Title:

What is Productivity

Place of Publication:

Cambridge, Mass. National Bureau of Economic Research 1992.

Cambridge, Mass. : National Bureau of Economic Research, 1992.

Summary:

A number of recent papers have examined the role of environmental variables in accounting for economic growth, and have concluded that net measures of national product are superior to gross measures in portraying the outcome of the growth process. This paper argues that the two measures are not substitutes, but complements which reveal different aspects of economic growth: gross product is the output concept for estimating the structure of production. while net product is the correct concept for getting at the welfare consequences of economic growth. It is then shown that this capacity-welfare nexus is mirrored in the Hicksian and Harrodian definitions of technical change. An alternative to the conventional Solow growth accounting framework is presented in which the change in national wealth is decomposed into components corresponding to labor input and the Harrodian rate of technical change.

Contents:

Abstract

Definition and measures of productivity

Role of productivity

Determinants of productivity

References.

Notes:

Print version record

January 1992.

Includes bibliographical references.

OCLC:

863123260

Publisher Number:

239236 CaOOCEL (Public Documents)