We estimate the rate of total factor productivity growth in Indian manufacturing industry for the period 1973-1992, and compare the results to those obtained by Young for the East Asian Tigers. We then interpret our results in light of Krugman's hypothesis that, because the Asian Miracle was...

We extend the conventional Solow growth accounting model to allow innovation to affect consumer welfare directly. Our model is based on Lancaster’s New Approach to Consumer Theory, in which there is a separate “consumption technology� that transforms the produced goods,...

quot;What is a company really worth?quot; is a question asked repeatedly during the recent financial crisis. Attention has been focused on short-term valuation issues, like the quot;mark-to-marketquot; controversy. Sorting out these issues is complicated by the fact that the market puts a value...