Exact and superlative index numbers
TL;DR: In this paper, the authors rationalize certain functional forms of index numbers with functional forms for the underlying aggregator function, and show that a certain family of index number formulae is exact for the "flexible" quadratic mean of order r aggregator functions.
About: This article is published in Journal of Econometrics.The article was published on 1976-05-01. It has received 2273 citations till now. The article focuses on the topics: Function (mathematics).
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01 Jan 1994
TL;DR: In this article, the authors analyzed productivity growth in seventeen OECD countries over the period 1979-88 and found that U.S. productivity growth is slightly higher than average, all of which is due to technical change.
Abstract: This paper analyzes productivity growth in seventeen OECD countries over the period 1979-88. A nonparametric programming method (activity analysis) is used to compute Malmquist productivity indexes. These are decomposed into two component measures, namely, technical change and efficiency change. The authors find that U.S. productivity growth is slightly higher than average, all of which is due to technical change. Japan's productivity growth is the highest in the sample with almost half due to efficiency change. Copyright 1994 by American Economic Association.
3,851 citations
3,500 citations
Posted Content•
TL;DR: In this article, a nonparametric programming method (activity analysis) is used to compute the Malmquist productivity indexes, which are decomposed into two component measures, namely, technical change and efficiency change.
Abstract: This paper analyzes productivity growth in 17 OECD countries over the period 1979-1988. A nonparametric programming method (activity analysis) is used to compute Malmquist productivity indexes. These are decomposed into two component measures, namely, technical change and efficiency change. We find that U.S. productivity growth is slightly higher than average, all of which is due to technical change. Japan's productivity growth is the highest in the sample, with almost half due to efficiency change. (JEL C43, D24) In this paper we apply recently developed
3,434 citations
01 Jan 2015
TL;DR: The Penn World Table (PWT) as mentioned in this paper has been used to compare real GDP comparisons across countries and over time, and the PWT version 8 will expand on previous versions of PWT in three respects.
Abstract: We describe the theory and practice of real GDP comparisons across countries and over time. Effective with version 8, the Penn World Table (PWT) will be taken over by the University of California, Davis and the University of Groningen, with continued input from Alan Heston at the University of Pennsylvania. Version 8 will expand on previous versions of PWT in three respects. First, it will distinguish real GDP on the expenditure side from real GDP on the output side, which differ by the terms of trade faced by countries. Second, it will distinguish growth rates of GDP based on national accounts data from growth rates that are benchmarked in multiple years to cross-country price data. Third, data on capital stocks will be reintroduced. Some illustrative results from PWT version 8 are discussed, including new results that show how the Penn effect is not emergent but a stable relationship over time.
3,019 citations
TL;DR: The Penn World Table (PWT) as discussed by the authors has been used to compare real GDP comparisons across countries and over time, and the PWT version 8 will expand on previous versions of PWT in three respects.
Abstract: We describe the theory and practice of real GDP comparisons across countries and over time. Effective with version 8, the Penn World Table (PWT) will be taken over by the University of California, Davis and the University of Groningen, with continued input from Alan Heston at the University of Pennsylvania. Version 8 will expand on previous versions of PWT in three respects. First, it will distinguish real GDP on the expenditure side from real GDP on the output side, which differ by the terms of trade faced by countries. Second, it will distinguish growth rates of GDP based on national accounts data from growth rates that are benchmarked in multiple years to cross-country price data. Third, data on capital stocks will be reintroduced. Some illustrative results from PWT version 8 are discussed, including new results that show how the Penn effect is not emergent but a stable relationship over time.
2,285 citations
References
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Book•
01 Jan 1920
TL;DR: Aslanbeigui et al. as mentioned in this paper discussed the relationship between the national dividend and economic and total welfare, and the size of the dividend to the allocation of resources in the economy and the institutional structure governing labor market operations.
Abstract: The Economics of Welfare occupies a privileged position in economics. It contributed to the professionalization of economics, a goal aggressively and effectively pursued by Pigou's predecessor and teacher Alfred Marshall. The Economics of Welfare also may be credited with establishing welfare economics, by systematically analyzing market departures and their potential remedies. In writing The Economics of Welfare, Pigou built a bridge between the old and the new economics at Cambridge and in Britain. Much of the book remains relevant for contemporary economics. The list of his analyses that continues to play an important role in economics is impressive. Some of the more important include: public goods and externalities, welfare criteria, index number problems, price discrimination, the theory of the firm, the structure of relief programs for the poor, and public finance. Pigou's discussion of the institutional structure governing labor-market operations in his Wealth and Welfare prompted Schumpeter to call the work "the greatest venture in labor economics ever undertaken by a man who was primarily a theorist." The Economics of Welfare established welfare economics as a field of study. The first part analyzes the relationship between the national dividend and economic and total welfare. Parts II and III link the size of the dividend to the allocation of resources in the economy and the institutional structure governing labor-market operations. Part IV explores the relationship between the national dividend and its distribution. In her new introduction, Nahid Aslanbeigui discusses the life of Pigou and the history of The Economics of Welfare. She also discusses Pigou's theories as expressed in this volume and some of the criticisms those theories have met as well as the impact of those criticisms. The Economics of Welfare is a classic that repays careful study.
5,145 citations
Book•
01 Jan 1970
TL;DR: In this article, a unified treatment of cost and production functions underlie the economic theory of production is presented, and the duality between cost function and production function is developed by introducing a cost correspondence, showing that these two functions are given in terms of each other by dual minimum problems.
Abstract: A sequel to his frequently cited Cost and Production Functions (1953), this book offers a unified, comprehensive treatment of these functions which underlie the economic theory of production.
The approach is axiomatic for a definition of technology, by mappings of input vectors into subsets of output vectors that represent the unconstrained technical possibilities of production. To provide a completely general means of characterizing a technology, an alternative to the production function, called the Distance Function, is introduced.
The duality between cost function and production function is developed by introducing a cost correspondence, showing that these two functions are given in terms of each other by dual minimum problems.
The special class of production structures called Homothetic is given more general definition and extended to technologies with multiple outputs.
Originally published in 1971.
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3,222 citations
TL;DR: In this article, the authors proposed a method to improve the quality of the service provided by the service provider by using the information of the user's interaction with the provider and the provider.
Abstract: Обсуждаются следующие темы: чистая теория производства, функциональное распределение дохода, технический прогресс, источники международных конкурентных преимуществ. Анализируются эластичность замещения между трудом и капиталом в обрабатывающей промышленности; производственные функции различного типа.
1,947 citations