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Persistent link: https://www.econbiz.de/10001347738
This paper shows that the endogeneity bias that allegedly appears when estimating production functions using value data, and which the literature has tried to deal with since the 1940s, is simply the result of omitted-variable bias due to a poor approximation to an accounting identity. This...
Persistent link: https://www.econbiz.de/10012716382
Is growth theory a real subject? /Franklin M. Fisher --What is endogenous growth theory? /Mark Roberts and Mark Setterfield --Is the natural rate of growth exogenous? /Miguel Leon-Ledesma and A.P. Thirlwall --The representative firm and increasing returns : then and now /Stephanie Blankenberg...
Persistent link: https://www.econbiz.de/10012420046
This valuable and engaging new book bears eloquent testimony to A.P. Thirlwall's substantial contribution to economics over the last 40 years. The volume does not attempt to provide a comprehensive review of such a prolific figure, but rather demonstrates the considerable influence that his work...
Persistent link: https://www.econbiz.de/10011850558
Beginning with an assessment of new thinking in macroeconomics and monetary theory, this book suggests that many countries have adopted the New Consensus Monetary Policy since the early 1990s in an attempt to reduce inflation to low levels. It goes on to illustrate that the explicit control of...
Persistent link: https://www.econbiz.de/10011851789
this paper argues that the true cause of the endogeneity bias that allegedly appears when estimating production functions, and which the literature has tried to deal with since the 1940s, is s imply the result of omitted-variable bias due to an incorrect approximation to an accounting identity....
Persistent link: https://www.econbiz.de/10010860365
this paper argues that the true cause of the endogeneity bias that allegedly appears when estimating production functions, and which the literature has tried to deal with since the 1940s, is s imply the result of omitted-variable bias due to an incorrect approximation to an accounting identity....
Persistent link: https://www.econbiz.de/10005245710
This paper considers the implications of the conceptual difference between the rental price of capital, embedded in the neoclassical cost identity (output equals the cost of labour plus the cost of capital), and used in growth accounting studies; and the profit rate, which can be derived from...
Persistent link: https://www.econbiz.de/10005086484
Persistent link: https://www.econbiz.de/10005262532
Persistent link: https://www.econbiz.de/10005265793