New PDF release: Thinking about Growth: And Other Essays on Economic Growth

By Moses Abramovitz

ISBN-10: 0521333962

ISBN-13: 9780521333962

The essays during this booklet discover the forces in the back of sleek fiscal progress and, specifically, the reasons of the intense surge of development because the moment global warfare. The introductory essay is a longer remedy of the present perspectives of economists at the progress strategy and its motives. different essays reflect on the contributions of capital formation, schooling, and the altering personality of industries and occupations. those essays expose the crucial position of technological development, soak up the kinfolk of technology, expertise, and company, and talk about the stipulations that make for funding in learn and the common exploitation of recent wisdom. They convey how Japan and Europe had an strange chance after the warfare to develop swiftly by means of following in paths of know-how and business association pursued past by means of the us, and the way a notable set of situations and guidelines governing alternate, funding, inhabitants migration, and funds labored jointly to maintain swift and concerted development for a few years.

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Extra info for Thinking about Growth: And Other Essays on Economic Growth and Welfare (Studies in Economic History and Policy: USA in the Twentieth Century)

Example text

He reasonably supposes that when average hours decline from very high levels, intensity rises by more than when they decline from lower levels. He proposes a formula to describe the association. But there is little evidence to support it. The proper offset may have been much less or more than his estimate. 2. Denison estimates the contribution of longer schooling as the difference between the growth rate of labor input in natural units (hours worked) and the growth rate of a weighted sum of hours in which hours worked by members of the work force, cross-classified by age, sex, and years of schooling, are weighted by factors proportionate to their average pay.

Denison, however, did not stop there. He found ways to measure the contributions of those changes in the quality of work that cannot, at least in the first instance, be ascribed to technological progress but represent either greater effort, change in the demographic composition of the labor force, or longer schooling. His "efficiency offset" (to Thinking about growth 17 the reduction in hours) is an allowance, admittedly somewhat arbitrary, for the greater intensity, care, and accuracy of work that has probably accompanied the decline in hours.

In all these ways the size of the earnings premiums associated with schooling help to govern the growth rate of the level of education. Secondly, the growth accounts treat the premiums themselves as measures of the marginal productivity of increments to the length of education. They tell us how much an additional year in school adds to a worker's productivity and, therefore, how much the growth of schooling contributes to output growth. In the United States, for which our estimates are strongest (or least weak) it appears that the earnings profile of workers classified by level of education remained approximately constant from the early years of the present century until about 1970.

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Thinking about Growth: And Other Essays on Economic Growth and Welfare (Studies in Economic History and Policy: USA in the Twentieth Century) by Moses Abramovitz


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