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| Author: | Prescott, E. C. |
| Title: | Lawrence R. Klein lecture 1997. Needed: A theory of total factor productivity. |
| Journal: | International Economic Review
1998 : AUG, VOL. 39:3, p. 525-551 |
| Index terms: | Income distribution Productivity Capital account Developed economies Developing countries |
| Language: | eng |
| Abstract: | The author evaluates the argument that differences in psysical and intangible capital can account for the large international income differences that characterize the world economy. His finding is that they cannot. Savings rate differences are of minor importane. What is all-important is total factor productivity (TFP). The paper presents also industry evidence that TFPs differ across countries and time for resasons other than growth in the stock of technical knowledge. |
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