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| Author: | Hulten, C. R. |
| Title: | Growth accounting when technical change is embodied in capital |
| Journal: | American Economic Review
1992 : SEP, VOL. 82:4, p.964-980 |
| Index terms: | TECHNOLOGICAL CHANGE GROWTH ACCOUNTING CAPITAL ECONOMIC GROWTH PRODUCTIVITY |
| Language: | eng |
| Abstract: | The hypothesis is revisited that technical change is embodied in capital. It implies the extension of old results to make them more relevant the contemporary debates about the adjustment of investment goods for quality change and about the role of embodied technical change as a source of economic growth. It is shown that the failure to adjust capital for quality change has the effect of suppressing the quality effects into the conventional total-factor productivity residual, and it is found that approximately 20 percent of the growth of quality-adjusted output could be attributed to embodied technical change. |
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