Revisiting Solow’s Decomposition of Economic and Productivity Growth
By relaxing the two assumptions of constant returns to scale and perfect competition in the product market used by Solow (1957), this paper identifies a new decomposition of economic and productivity growth. The sources of economic growth are; adjusted economies of scales effect, weighted sum of input growth, and technical progress. The sources of productivity growth are; adjusted economies of scale effect and technical progress. The weight used for the input growth is the cost share of each input.
Year of publication: |
2008-12
|
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Authors: | Liu, Tung ; Li, Kui-Wai |
Institutions: | Department of Economics, Ball State University |
Subject: | Solow | Growth decomposition | Total factor productivity | Returns to scale |
Saved in:
freely available
Extent: | application/pdf |
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Series: | |
Type of publication: | Book / Working Paper |
Notes: | Number 200805 12 pages |
Classification: | D24 - Production; Capital and Total Factor Productivity; Capacity ; O47 - Measurement of Economic Growth; Aggregate Productivity |
Source: |
Persistent link: https://www.econbiz.de/10005163062
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