2003), and that this leads to the exclusion of more than $3 trillion of business intangible capital stock. To assess the … importance of this omission, we add capital to the standard sources-of-growth framework used by the BLS, and find that the … rate of change of output per worker increases more rapidly when intangibles are counted as capital, and capital deepening …

capital in China must be quite low. Using the data from China's national accounts, we estimate the rate of return to capital … in China. We find that the aggregate rate of return to capital averaged 25% during 1978-1993, fell during 1993-1998, and … has become flat at roughly 20% since 1998. This evidence suggests that the aggregate return to capital in China does not …

labor quality and to capital quantity and quality, leading to significant rearrangements of the growth pattern of MFP …