U.S. REAL PRODUCT AND REAL FACTOR INPUT, 1929–1967

Laurits R. Christensen · Dale W. Jorgenson

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Economic Growth and Productivity Accounting Theory and Financial Reporting Economic Theory and Policy

Abstract

The objective of this paper is to provide a conceptual basis for separating social product and social factor input accounts into price and quantity components. Despite the essential similarity between concepts of real product and real factor input, the measurement of social factor outlay in constant prices is not well established in social accounting practice. Production accounts are constructed for the United States in current and constant prices, including social product and social factor outlay, for the period 1929–1967. The resulting estimates are applied to the measurement of total factor productivity and the study of the responsiveness of product and factor intensities to price changes.

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References

1957Technical Change and the Aggregate Production Function 1967The Explanation of Productivity Change 1961Capital-Labor Substitution and Economic Efficiency 1969Economics and Information Theory 1989Resource and output trends in the United States since 1870 1967Economics and Information Theory 1961Productivity Trends in the United States 1923The Making of Index-Numbers.

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1986Productivity change, capacity utilization, and the sources of efficiency growth 2001Development Economics 2005Development Economics 2002Stochastic estimation of firm technology, inefficiency, and productivity growth using shadow cost and distance functions 1972INTERNATIONAL STUDIES OF FACTOR INPUTS AND TOTAL FACTOR PRODUCTIVITY: A BRIEF SURVEY 1979On the "Importance" of Productivity Change 1987

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