From an engineering perspective, a capital good’s service is energy conversion – e.g., the physical ‘work’ done by a machine – and can thus be measured directly by the energy consumed in production. We show important empirical advantages of our concept over traditional measures. The...

The Selected Issues paper on the Russian Federation discusses the economic growth and future growth potential of the country. After almost a decade of impressive growth performance, Russia suffered a sharp contraction in 2009 with GDP falling by 8 percent. This paper gives an overview of the...

The dynamics of annual price rates of 459 manufacturing sectors of the American economy from 1959 to 1996 are studied in the paper. There is a small but stable negative correlation between the sector price rates and the growth ones. At the same time there exists a substantial positive...

The global distribution of poor livestock keepers tailors closely the regional distribution of poverty densities in the developing world. Reducing poverty among this group requires livestock sector growth in these regions. As per capita incomes expand, household expenditures on meat and milk...

In this paper, we present a technique to decompose changes in factor prices into the contribution of major determinants, namely movements in domestic and international prices, changes in capital and labour quantities, and technological progress. This is done in an open-economy framework. While...

Рассчитываются и анализируются оценки темпов прироста интенсивных и экстенсивных факторов долгосрочного экономического роста и их вклад в прирост ВРП...

The classical problem of agricultural productivity measurement has regained interest owing to recent price hikes in world food markets. At the same time, there is a new methodological debate on the appropriate identification strategies for addressing endogeneity and collinearity problems in...

The paper criticises the concept of total factor productivity as a measure of technical change and economic performance on two grounds: (i) theoretical, because it shares all the weaknesses of the neoclassical production function from which it is derived, (ii) its relevance in helping to...

After two generations of economic growth, the next phase of structural transformation for Asia will have several salient features. Our results suggest that no single policy orientation, pathway, or even destination will apply to all economies. The main driver for each economy’s structural...