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Many technological innovations are introduced through improvements in the design of new investment goods, thus raising the possibility that capital-embodied technical change may be a significant source of total factor productivity growth. There are, however, no systematic estimates of the size of the embodiment effect. This paper attempts to fill this gap by merging the estimates of quality change obtained from the price literature on quality change with a version of the conventional sources of growth model which allows for both embodied and disembodied technical change. This resulting estimates suggest that as much as 20 percent of the total factor productivity in growth U.S. manufacturing industry over the period 1949-83 is due to the embodiment effect. It is also found that for the equipment used in U.S. manufacturing, best practice technology may be as much as 23 percent above the average level of technical efficiency.
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Production management --- Industrial productivity --- Production --- Industrial productivity. --- Production planning. --- Production.
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Industrial productivity --- Industrial productivity --- Industrial productivity --- Input-output analysis --- Case studies --- Measurement --- Case studies --- Case studies --- Case studies
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Industrial productivity --- Labor productivity --- Entreprises --- Productivité --- History --- Histoire --- Productivité
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Industrial productivity --- Industrial management --- Productivité --- Gestion d'entreprise
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A number of recent papers have examined the role of environmental variables in accounting for economic growth, and have concluded that net measures of national product are superior to gross measures in portraying the outcome of the growth process. This paper argues that the two measures are not substitutes, but complements which reveal different aspects of economic growth: gross product is the output concept for estimating the structure of production. while net product is the correct concept for getting at the welfare consequences of economic growth. It is then shown that this capacity-welfare nexus is mirrored in the Hicksian and Harrodian definitions of technical change. An alternative to the conventional Solow growth accounting framework is presented in which the change in national wealth is decomposed into components corresponding to labor input and the Harrodian rate of technical change.
Industrial productivity. --- Labor productivity. --- Cost and standard of living.
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Business cycles --- Industrial productivity --- Cycles économiques --- Mathematical models --- Mathematical models --- Modèles mathématiques
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Industrial productivity --- Industrial efficiency --- Competition, International --- United States. --- United States --- Economic policy
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Industrial productivity --- Industrial efficiency --- Competition, International --- United States. --- United States --- Economic policy
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